paytm: Mutual funds, foreign portfolio investors increase stake in Paytm

Mutual funds, retail investors and foreign portfolio investors have increased their shareholding in One 97 Communications at the end of the March quarter of 2024, the company said in a stock exchange filing today.

According to data released by BSE, mutual funds expanded their shareholding in the March quarter to 6.15% from 4.9% in December 2023. Mirae Mutual Fund and Nippon India Mutual Fund have acquired more shares in Paytm in these three months.

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After Softbank reduced its stake in Paytm by 5%, the overall foreign direct investment in the company fell to 1.4% in March 2024 from 6.46% in the December quarter.

Also read | Paytm UPI payments drop further in March; PhonePe, Google Pay show gains

Portfolio investors increased their shareholding in Paytm by 2.49% by lapping up more than 15 million shares, the company said in a press release.

Paytm is yet to file its March quarter financials. In a separate exchange filing today, the payment company said that Surinder Chawla, the chief executive of its associate entity Paytm Payments Bank had resigned and will leave the company on June 26.

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Paytm’s stocks closed at Rs 404.3 on the BSE down 1.95%. Overall BSE remained almost fla with a fall of 0.08%.

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