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.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor