Paytm shares drop 3% after govt shields UPI payments only up to Rs 2,000 from charges. Should you buy the dip?
Paytm shares fell after the government directed banks and payment providers not to charge for UPI transactions up to Rs 2,000, raising uncertainty over charges for higher-value transactions. The decline came a day after Paytm hit a fresh 52-week high of Rs 1,840, with the stock having nearly doubled from its March low of Rs 930.6.
On Tuesday, shares of One 97 Communications, Paytm's parent company, fell by over 2.5%. The decline occurred after the government instructed banks and payment system providers to refrain from charging fees on UPI transactions of up to Rs 2,000. This news left investors uncertain about what will happen to transactions exceeding this amount.
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