Paytm shares traded higher as markets opened for a fresh trading week on Monday.
The shares hit a 52-week high of ₹1,007, up over 3% from Friday’s closing, soon after open before retreating to ₹984 at the time of writing.
The surge came following an announcement from the fintech company’s Singapore subsidiary that it was selling its stake in Japanese fintech player PayPay for roughly ₹2,364 Crore to SoftBank’s Vision Fund 2.
The sale came as the parent Indian payments company One 97 Communications Ltd looks to focus on the core business and shore up its cash reserves amid deep regulatory troubles, especially with the Reserve Bank of India, this year.
Paytm shares have shot up a massive 150% over the last six months after hitting essentially the bottom of the barrel in May at around ₹310.