Paytm shares jump after Vijay Shekhar Sharma reappointed as MD, CEO

Mumbai, Aug 22

Shares of One97 Communications, which operates the financial services platform Paytm, rose more than 1.5 per cent in early morning trade after the company reappointed Vijay Shekhar Sharma as MD and CEO.

At 11.00 a.m., shares of One97 Communications were trading at Rs 785.55 a share, up 1.74 per cent.

In a shareholders meeting on August 21, Vijay Shekhar Sharma was reappointed as MD & CEO of Paytm. A total of 99.67 per cent majority votes were recorded in favour of the resolution, Paytm said in a statement.

Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

In the April-June quarter, One97 Communications' consolidated loss widened to Rs 644.40 crore from net loss of Rs 380.20 crore a year ago. Revenue surged 89 per cent to Rs 1,680 crore in Q1FY23 over Q1 June 2021.