Paytm Share Prices Jump After Vijay Shekhar's Reappointment As Co's CEO

Paytm's share price soared more than 3.5 percent intraday on the BSE on Monday, after One97 Communications shareholders supported the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer. On Friday, the investor advisory firm IiAS advised against Sharma's reappointment and numerous other motions on the agenda of the company's AGM. Paytm stock debuted on the stock exchange in November and has dropped over 50% since then. Paytm shares closed at Rs 776.60 per share, up 0.6%.

According to technical experts, the Paytm stock price is trading above all three significant moving averages. "It has also created a firm foundation between the 650-700 zone and is on the verge of a trend reversal." Investors may remain engaged in this company as long as the price remains over 700," Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services said.

Paytm stock has dropped 0.1 percent in the previous five days and 42 percent in 2022. While the stock price has increased by 6% in the recent month. With the reappointment of the CEO, Paytm's stock price has risen by over 3.5% so far, since it assures management stability, according to AR Ramachandran, Co-founder & Trainer, Tips2Trades. However, Ramachandran advised investors not to purchase Paytm shares till it closes over Rs 800. "In the immediate future, a drop below Rs 740 is possible," Ramachandran added.

According to Ravi Singh, VP & Head of Research at Share India Securities, Paytm shares are displaying momentum following the conclusion of the last AGM and may reach 850 levels. "However, investors may take advantage of this opportunity to sell their positions and wait for lower levels of Rs 700 - 680 before entering new long positions," Singh added. According to Ravi Singh, the Paytm stock appears to be in an overbought zone and may have a pullback around higher levels.