Paytm shares drops over 9% after two-day recovery

New Delhi: The shares of One97 Communications Ltd, the parent company of Paytm, fell over 9 per cent on Thursday morning, after a two-day rally in the stock fizzled out.

Despite a firm beginning, the stock tanked 9.41 per cent to Rs 450 on the BSE. At the NSE, it plunged 9.31 per cent to Rs 450.

The stock price of One97 Communications Ltd climbed 10 per cent on Wednesday and had rebounded over 3 per cent on Tuesday after three days of sharp fall.

From February 1-5 (three days of trading), the company’s stock tumbled over 42 per cent, wiping out Rs 20,471.25 crore from its market valuation, following the Reserve Ban of India’s crackdown.