Paytm Shares Fall Nearly 5% After IiAS Opposes Sharma As CEO

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Shares of One97 Communications fell 4.67% on the BSE to INR 787.15 after proxy advisory firm IiAS opposed reappointment of Sharma as CEO and raised questions on his pay

Shares of Nykaa fell 1.41% on the BSE, while Policybazaar also saw its shares decline 1.71% to INR 573.10

Zomato was one of the exceptions as the foodtech giant’s shares rose 6.65% to close at INR 61.75

Shares of One97 Communications, the parent company of Paytm, fell 4.67% to INR 787.15 on the BSE on Friday (August 12) after proxy advisory firm Institutional Investor Advisory Services India (IiAS) opposed the reappointment and remuneration of Vijay Shekhar Sharma.

The stock opened at INR 820 and fell to the day’s low of INR 775 intraday. However, it recouped some of the losses later. 

“Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We believe the board must consider professionalising the management,” IiAS said, and also raised questions over his remuneration.

In the last one month, Paytm shares have risen by 13%. However, the shares are trading nearly 60% lower from their all-time high price of INR 1,961.05 attained in November last year.

Meanwhile, Paytm, in its monthly report for July, said it disbursed 2.9 Mn loans worth INR 2,090 Cr in July, up 296% year-on-year (YoY). The fintech player also reported loan disbursements at an annualised run rate (ARR) of more than INR 25,000 Cr via its platform in July.

Paytm also reported that its monthly transacting users (MTUs) surged 41% YoY to 77.6 Mn in the month of July 2022, while total devoice deployment at merchant stores across the country stood at 4.1 Mn. Additionally, the fintech major’s gross merchandise value (GMV) for July also grew 82% YoY to around INR 1.06 Lakh Cr.

New-Age Tech Stocks Tumble

A majority of new-age tech startup stocks ended the day in red on Friday. Shares of beauty ecommerce platform Nykaa fell 1.41% on the BSE to close at INR 1,398.40.

Logistics unicorn Delhivery shares also closed 1.43% lower at INR 555.35 on the BSE. The stock has been performing poorly, falling 13% in the last three trading sessions, since reporting its Q1 FY23 results on August 9. Its net loss tripled on a YoY basis to INR 399.3 Cr in June quarter.

Fintech player Policybazaar also bore the brunt of the market on Friday, with its shares falling 1.71% to close at INR 573.10 on the BSE. 

Zomato was one of the exceptions as the foodtech giant’s shares rose 6.65% to close at INR 61.75 on the BSE.

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