Paytm’s share price saw a v-shaped recovery after falling as much as 9% to Rs 773.05. The fall in stock prices came on news reports saying that ED is investigating Paytm over a crypto scam. The fall in stock price came around 10.10 am but soon pared most of its losses to trade around 2% lower at Rs 833.
However, the company has denied any notice from ED about the matter. A press release from One97 Communications read, “We confirm that we have not received any such new notice, communication, or query from the Enforcement Directorate regarding the matter mentioned in the media articles. The information published is factually incorrect and misleading and we had not received any query from the media prior to the publishing of this news article.”
The stock opened on a higher note but soon made an about turn, slipping deep into the red. As of 12.10 pm, the share price of Paytm was trading 2.4% lower at Rs 828.60.
The Paytm-parent company One97 Communications share price has fallen more than 9% in the past 5 trading days. The share price has wiped out 16% of investors’ money in the last one month. However, it has risen 81% in the past six months.