After a brief period of fall, One97 Communication, which also goes by the name Paytm share saw a slight hike of 1.74% Monday. Reportedly, the rise was seen after the reappointment of Vijay Shekhar Sharma as Paytm’s Chief Executive Officer (CEO) and Managing Director (MD).
Targeted growth ahead
Since the appointment of Vijay Shankar Sharma as the CEO and MD, the share price of Paytm has been rallying between ₹773 to ₹800. This sign of growth post appointment is a relief for investors. Reportedly, Vijay Shekhar Sharma was backed by 99.67% majority votes during the 22nd AGM of Paytm.
A total of seven resolutions were passed during the meeting on August 19. These included Sharma’s remuneration for the next three fiscal years, the reappointment of Madhur Deora as the company’s Chief Financial Officer (CFO) and retaining of Ravi Adsumalli as a director.
The company official in a statement, said “the resounding vote in favour of Sharma’s reappointment reflects investors’ faith in the leadership. The vote also shows that the investors are confident about Paytm’s growth and profitability target for the future.”
On BSE, Paytm shares closed at ₹772.10 apiece down by ₹13.40 on August 19. However, the rise in share price was witnessed on Monday morning, with an opening at ₹789.50 going as high as ₹800 to as low as ₹773.30.
