Shares of Paytm guardian One97 Communications Ltd dropped greater than 2 p.c earlier than buying and selling in a slender vary on Thursday. The inventory was in focus a day after founder and CEO Vijay Shekhar Sharma gave up inventory choices value Rs 492 crore to adjust to a regulatory order.
The Paytm inventory fell over 2 p.c to the intraday low of Rs 846.3 apiece within the first leg of commerce in the present day, earlier than stabilising. The scrip was buying and selling 1.68 p.c decrease as of two:18 p.m., in contrast with a 1.85 p.c rise within the benchmark Sensex.
The inventory as returned 116.94 p.c up to now 12 months, however is down 13.96 p.c in year-to-date phrases as a result of market volatility. In the meantime, Sensex has given 7.54 p.c returns over the previous 12 months, whereas being marginally decrease within the 12 months up to now.
Sharma returned 2.1 crore shares, which have been allotted to him beneath Paytm’s 2019 Worker Inventory Possession Plan (Esop) programme, the corporate mentioned in a submitting to the inventory exchanges on Wednesday. The corporate added that these shares will lead to decreasing of Esop bills by round Rs 492 crore.
The Paytm founder had obtained the shares simply earlier than the corporate went public. Again then, to turn into eligible for the Esop programme, Sharma, who owned a 14.7 p.c stake within the firm, transferred 30.9 million shares to Axis Trusteeship Companies, which was appearing on behalf of the Sharma Household Belief. This introduced Sharma’s shareholding within the firm beneath 10 p.c, making him eligible for the Esop programme and never getting tagged as a promoter.
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Market regulator SEBI had then issued present trigger notices to Paytm in August final 12 months for flouting guidelines on granting Esops.
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