One97 Communications, listed as Paytm, saw a bearish tone on Friday. Shares have broken their four-day winning streak as investors booked profits ahead of quarterly results for the period June 30, 2022 (Q1FY23), which will be announced later in the day. Furthermore, fintech was in focus after the digital wallet app went down for several users, following which complaints were raised on social media Twitter. So far, in a single day, the shares of Paytm have lost more than 4% on the exchanges.
on BSE, Paytm shares closed below 783.65 25.90 or 3.20%. The shares have fallen at least 4.25% with an intraday low of 775.15 each as compared to the previous close.
The market valuation of the company is approx. 50,847.19 crore.
In the first four trading sessions of this week, Paytm shares have gained 22.30%, or 150.5. Shares were up on Friday last week 674.75 on BSE.
However, on Friday, investors placed a cautious bet on the company, while some booked profits from previous rallies.
Under the outage, app users reported not being able to log into the Paytm app and website and not making payments. Technical glitches were reported from cities like Delhi, Mumbai, Ahmedabad, Chennai, Bengaluru and several other cities.
Paytm said through its Twitter account, “Due to network error in Paytm, some of you may face problem logging into Paytm Money app/website.”
However, the issue has been resolved. Paytm later tweeted, “We immediately resolved the error that affected some users today. You can continue to use PaytmSeUPI without worry.”
Paytm will announce its financial performance for Q1FY23 later today and this also contributed to sentiments on the exchanges.
Last month, Paytm announced its provisional data for Q1FY23 under which the annual run rate of its disbursements exceeded 24,000 crores on the platform.
During Q1FY23, Fintech has disbursed loans worth 8.5 million in terms of volume, an increase of 492% annually, while the value of loans disbursed grew by 779%. 5,554 crore ($703 million). In addition, the company posted a strong growth in total merchant payment volume as its GMV came in at a low 2.96 lakh crore ($37 billion), marking a year-on-year growth of 101% in Q1FY23.
Also, the company continued its leadership with the deployment of 3.8 million devices at merchant stores across the country.
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