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Paytm shares surge over 13% in second session of gains

Shares of Paytm’s parent company, One97 Communications, jumped over 10% on Tuesday after falling for two straight sessions following the first public offering of the firm.

The stock, which had been quiet for the previous two trading days, soared 9.90% to Rs 1,494.95 on the BSE. The stock rose 12.10% to Rs 1,525 during the day. It closed at Rs 1,494.70 on the NSE, up 9.93%.

One97 Communications Ltd’s stock had a shaky market debut on Thursday, falling almost 27% from its issue price of Rs 2,150.

On Monday, it dropped for the second day in a row, falling 13%. The stock market was closed on Friday in observance of Guru Nanak Jayanti.

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Paytm’s Rs 18,300 crore initial public offering, India’s largest, was oversubscribed 1.89 times earlier this month. This was more than the Rs 15,000 crore offer made by miner Coal India a decade ago.

One97 Communications, founded in 2000, is India’s premier digital ecosystem for consumers and merchants.


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