Paytm share rises on loan disbursements
Published On: Wednesday, June 15, 2022 | By: Team KnowMyStock
Shares of One 97 Communications, which operates Paytm, jumped 3 percent to Rs 624 apiece on BSE on June 15 after the fintech major reported rapid growth in its lending business, with loan disbursals in the April-May period jumping 471 to percent compared with the corresponding period a year ago. Paytm shares gained on the company's strong operating update. The stock price has been reeling under pressure ever since it was listed on the stock exchanges in November last year. Paytm stock price has lost 60 percent from its listing price and more than 70 percent from its IPO price of Rs 2,150 apiece. The digital payments company said its lending unit was at an annualized run rate of more than Rs 23,000 crore ($3 billion at $1 = Rs 75) of loan disbursements in May, as it continued to gain momentum in its operating performance.
The disbursement in value terms stood at Rs 3,576 crore in the first two months of this quarter, representing a growth of 829 percent over last year. “We are also seeing increases in the average ticket size due to a scale-up of the personal loans business in particular,” Paytm said.The firm said its leadership in offline payments continued with deployment of 3.4 million devices at merchant stores across the country. The strong adoption of devices also has a correlation with the rise in merchants eligible for loans from the company's platform.
Tags: paytm loan disbursement
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