Paytm Shares Plunge 7% Amid False MDR Speculation
Paytm's stock suffered a 7% drop after rumors emerged of a government plan to impose a Merchant Discount Rate on UPI transactions. The finance ministry, however, labeled these reports as false and misleading. Shares fluctuated on the BSE and NSE before settling lower.
- Country:
- India
Shares of One97 Communications, the owner of the Paytm brand, fell by 7% on Thursday. This drop occurred amid rumors that the government was planning to impose a Merchant Discount Rate (MDR) on large-ticket UPI transactions.
The finance ministry swiftly countered these reports, calling them "false, baseless, and misleading." They clarified that no MDR would be levied on UPI transactions and emphasized the government's commitment to promoting digital payments.
In volume terms, 9.64 lakh shares were traded on the BSE and 246.71 lakh on the NSE. The stock reached an intra-day low but later closed down at Rs 895.15 and Rs 893 on the BSE and NSE, respectively.
(With inputs from agencies.)
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