One97 Communications, witnessed a significant surge in its shares by more than 9% on July 8, driven by CEO Vijay Shekhar Sharma’s bold ambition to elevate Paytm to a “$100 billion company.”
In his address at the 7th JIIF establishment day celebration in Gurugram, Sharma expressed optimism about Paytm’s prospects despite recent challenges. He emphasized his personal ambition to establish Paytm as a globally recognized brand.
Earlier this year, the company has faced challenging regulatory actions from the Reserve Bank of India (RBI) on its associate company, Paytm Payments Bank Limited (PPBL), resulting in significant operational constraints and a subsequent market capitalization decline of nearly $3.5 billion.
Sharma acknowledged recent setbacks as opportunities for maturity and accountability. He stated, “We should have understood better and fulfilled our responsibilities more effectively.” He reassured stakeholders of Paytm’s readiness to confront challenges more adeptly.
As of 2:34 PM, the company’s shares on the National Stock Exchange (NSE) surged by 8% to reach Rs. 472.40, reflecting a recent uptrend in its stock performance. Over the past month, the shares have seen a 21.4% increase, although the year-to-date performance still shows a decline of 26.8%.
Analysts view this surge as a potential turning point for paytm, signaling renewed investor confidence amidst strategic aspirations set by its leadership.
