Paytm Shares Surge on SEBI Notice Clarification

27 Aug 2024 , 11:29 AM

One 97 Communications, Paytm’s parent company, saw its shares rise 3.5% to a day high of ₹548.70 on the BSE today. This increase occurred following the company’s clarification of the SEBI show-cause notice issued to founder Vijay Shekhar Sharma and other former board members.

“With reference to recent media reports, we would like to notify you that this is not a new development, since the Company previously disclosed relevant information on this subject in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The company is in constant communication with the Securities Exchange Board of India (SEBI) and making the relevant statements about this matter.

As a result, there is no impact on the financial results for the prior quarters ended June 30, 2024 and March 31, 2024, respectively,” the company stated in a filing with the exchanges.

Sharma has also attempted to settle a securities law violation complaint with the market regulator, according to news reports.

Sharma received a show-cause notice from the regulator for allegedly violating the regulations governing employee stock option programs.

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