Vijay Shekhar again became the MD of Paytm

Vijay Shekhar Sharma has been reappointed as the Managing Director and CEO of Paytm. 99.67% of shareholders voted in his favour in the AGM. The shareholders have also approved the reappointment of Ravi Chandra Adusumalli on the board. This was the 22nd Annual General Meeting of Paytm's parent company One97 Communications.
"We are grateful to our shareholders for their unwavering support and confidence in our leadership," the company said. We are committed to building a large, profitable company and building long-term shareholder value while driving financial inclusion in the country. "We would also like to state that 94.48% votes were received in favour of Vijay's remuneration resolution," the company said.
After the very poor listing of the IPO, it was time for a tough test for the billionaire founder of Paytm. The shareholders had to decide whether they wanted to see Vijay Shekhar Sharma as MD and CEO or not. Earlier in May 2022, the board of directors of OCL had approved the re-appointment of Sharma as MD. The issue price of Paytm was Rs 2,150. Right now it is at Rs 771. At one point it had reached 510.
Paytm, the poster boy of India's tech startups has lost over 50% of its value since its high-profile initial public offering in November. In an interview last month, 44-year-old Sharma said that Paytm is poised to become India's first internet company with annual revenue of 1 billion and promised to move from growth to profitability.
Brokerage house ICICI Securities has given investment advice in the stock with a target price of Rs 1285. Goldman Sachs's target price on Paytm is Rs 1,070, which is about 40% higher than the current levels. In May this year, Paytm shares had hit a 52-week low of Rs 510.05 on the BSE. Now, the stock has made some recovery and is trading around Rs 771 level.