Paytm share price rose over 4 per cent to Rs 635 apiece on BSE in Wednesday’s trade after the company’s CEO said that his stock grants will be vested to him only when Paytm’s market cap surpasses and maintains above the IPO price. The stock has been mapping a downward trajectory since listing, crashing 60 per cent from the listing price. Paytm CEO Vijay Shekhar Sharma, in the company’s update on operating performance, said that even as shares are down significantly from the IPO price, the Paytm team is committed to build a large, profitable company and to create long-term shareholder value. “My stock grants will be vested to me only when our market cap has crossed the IPO level on a sustained basis,” Sharma said.
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Vijay Shekhar Sharma believes that the company will achieve EBITDA breakeven in next 6 quarters without compromising on growth plans. From a record high of Rs 1,961 touched on listing day in November last year, the stock price has tanked nearly 68 per cent. “We are expecting some recovery in this counter due to bargain buying where we can expect 770/870 levels in the coming days; however conservative investors should completely avoid this stock,” Santosh Meena, Head of Research, Swastika Investmart, said.
