Investors sold and on Thursday, a day after the denied reports of charges on UPI transactions. dropped 10% in trade today, before recovering later. The stock was trading 6.56% lower at Rs 897.20 as of 2:30 p.m. The company’s market capitalisation dropped as much as Rs 6,123 crore to an intraday low of Rs 55,123 crore, but later returned to Rs 57,233 crore.
Meanwhile, shares fell 3% to an intraday low of Rs 273.05 per share. As of 2:35 p.m., the counter was down 2.68% at Rs 273.95. The company’s market value dropped to Rs 2,121 crore, before recovering slightly to Rs 2,128 crore.
On Wednesday media reports claimed that the government was planning to levy a Merchant Discount Rate (MDR) on via the Unified Payments Interface (UPI). Over the last few months, the digital payments industry has been abuzz about MDR coming back on UPI. During their FY25 results call with stock market analysts, senior executives at had expressed optimism about the government considering such a move.
The ministry later clarified that no such plan is under consideration.
“Speculation and claims that the MDR will be charged on UPI transactions are completely false, baseless, and misleading. Such baseless and sensation-creating speculations cause needless uncertainty, fear and suspicion among our citizens. The Government remains fully committed to promoting digital payments via UPI,” a Finance Ministry post on X said.