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Paytm Shares Regain Lost Ground Since RBI's January Crackdown [Yahoo! Finance]
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Most Read from Bloomberg The shares of One 97 Communications Ltd., the payment firm's parent, jumped as much as 12% on Wednesday — the most in more than two weeks — to 771.70 rupees ($9.2), before paring some of the gains. The stock is now about 2% away from its Jan. 31 level when the central bank ordered to halt much of its business. The rally came after the National Payments Corporation of India allowed the company to add new users to its unified payments interface (UPI), easing regulatory concerns and heralding greater business stability for the troubled fintech giant. The stock has more than doubled since hitting a bottom in early May in a selloff triggered by the Reserve Bank of India's near-shutdown of its banking affiliate. Paytm reported its first-ever quarterly profit Tuesday, largely due to the sale of its events ticketing business to internet peer Zomato Ltd, while revenue slumped 34% from a year ago, sending the stock lower. The approval to acquire new users for
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