Shares of Paytm jumped another 7% on Wednesday to reach an intraday high of ₹626.60.
What Happened: Shares of the fintech giant have surged over 12% in the last two days. While it isn’t immediately clear why the stock surged, the company did announce extending its ‘Cancel Protect' to IRCTC bookings on Tuesday.
With ‘Cancel Protect' cover, users can claim a 100% refund on train ticket bookings that are cancelled at least 6 hours before the scheduled departure time or before the chart is prepared. The company had launched the loyalty program last month for airplane and bus tickets and is now expanding to cover railway tickets.
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The surge in shares comes as the company had been struggling at the bourses for the past two weeks. Up until Monday, the stock was down around 10% in the last two weeks.
Price Action: Shares of Paytm were up 6.26% to trade at ₹621 in the late hours of trading on Wednesday.
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