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Why did Paytm shares fall after 4-days winning streak

Paytm announced its provisional data for Q1FY23 under which its disbursements crossed an annualised run rate of  ₹24,000 crore on the platform. (REUTERS)Premium
Paytm announced its provisional data for Q1FY23 under which its disbursements crossed an annualised run rate of 24,000 crore on the platform. (REUTERS)

  • The shares have snapped their four-day winning streak as investors booked profits ahead of its quarterly results for the period June 30, 2022 (Q1FY23) which will be announced later in the day. Also, fintech was in focus after its digital wallet app for many users.

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One 97 Communications, listed as Paytm, witnessed a bearish tone Friday. The shares have snapped their four-day winning streak as investors booked profits ahead of its quarterly results for the period June 30, 2022 (Q1FY23) which will be announced later in the day. Also, fintech was in focus after its digital wallet app for many users went down following which complaints were raised on social media Twitter. So far, in a single day, Paytm shares have recorded a more than 4% drop on exchanges.

On BSE, Paytm shares closed at 783.65 apiece down by 25.90 or 3.20%. The shares have dropped by at least 4.25% with an intraday low of 775.15 apiece compared to the previous closing.

The company's market valuation is around 50,847.19 crore.

In the first four trading sessions of this week, Paytm shares have climbed by 22.30%, or 150.5. Last week, on Friday, the shares were around 674.75 on BSE.

However, on Friday, investors held a cautious bet on the company while some booked profits from the previous rallies.

Under the outage, the app users reported not being able to log in to the Paytm app and website and could not make payments. The technical snags were reported from cities like Delhi, Mumbai, Ahmedabad, Chennai, Bengaluru, and several other cities.

Through its Twitter account, Paytm said, "Due to a network error across Paytm, a few of you might be facing an issue in logging into the Paytm Money App/website."

However, the issue has been resolved. Paytm later tweeted saying, "We quickly resolved the error that briefly affected some users today. You can continue to use PaytmSeUPI without worries."

Paytm will announce its financial performance for Q1FY23 later today and it also contributed to sentiments on exchanges.

Last month, Paytm announced its provisional data for Q1FY23 under which its disbursements crossed an annualised run rate of 24,000 crore on the platform.

During Q1FY23, the fintech has disbursed loans of 8.5 million in volume terms higher by 492% yoy, while the value of loans disbursed grew by 779% yoy to 5,554 crore ($703 million). Also, the company posted strong growth in total merchant payments volume as its GMV came in at 2.96 lakh crore ($37 billion), marking a 101% yoy growth in Q1FY23.

Also, the company continued to hold its leadership with the deployment of 3.8 million devices at merchant stores across the country.

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