Shares of One97 Communications (Paytm) on Monday dropped as much as 6.4 per cent after the Enforcement Directorate conducted searches at its offices in a case pertaining to irregularities at lending applications controlled by Chinese entities.
Its stock dropped to an intraday low of Rs 681.2 before closing at Rs 708.6, down 2.6 per cent over its previous day’s close.
By comparison, the benchmark Sensex rose 0.8 per cent.
In a statement, Paytm has said it is “supporting law enforcement agencies that are investigating a specific set of merchants”.
Mumbai-based Blue Jet Healthcare, a specialty pharmaceutical (pharma) company, has filed a draft red herring prospectus with the markets regulator Securities and Exchange Board of India to launch an initial public offering (IPO).
The issue will comprise a secondary sale of 21.7 million shares by promoters. Blue Jet isn’t looking to raise any fresh shares from the IPO. Market sources said the issue size could be between Rs 1,800 crore and Rs 2,100 crore.
Incorporated in 1968, Blue Jet is a specialty pharma and health care ingredient maker, offering niche products to pharmaceutical companies.