According to a regulatory filing, Vijay Shekhar Sharma, managing director of digital financial services firm One97 Communications, has purchased 1.7 lakh shares in the company worth Rs 11 crore.

Disclosures that the company operates under the Paytm brand show that Sharma bought the shares between May 30 and 31.

On May 30, Mr Sharma bought 1,00,552 shares worth Rs 631 crore, and on May 31, he bought 71,469 shares worth Rs 4.68 crore. Shares of the company were trading at Rs 625.75 in the afternoon.

Mr Sharma, a selling shareholder in Paytm’s IPO, was ordered not to buy shares for at least six months, and now, after the restrictions were lifted, he bought shares in Paytm.

In early April, Mr Sharma wrote a letter to shareholders saying the company would break even on operating EBITDA (cost of ESOPs before EBITDA) for the next six quarters.

Goldman Sachs said in a May report that the current share price offers a compelling entry point into India’s largest and fastest-growing fintech platform.

Paytm’s IPO price was Rs 2,150 per share, but it started falling when it went public in November. It has hit an all-time low of Rs 511 but has been trading in the Rs 600 range for some time.

Paytm ended the last fiscal year on a strong note, with revenue rising 89% year-on-year to Rs 1,541 crore in the fourth quarter and profit rising 210% year-on-year to Rs 539 crore.

In 2021-22, the company’s operating income rose 77% year-on-year to Rs 4,974 crore, while contributing profit rose 313% year-on-year to Rs 1,498 crore.