One 97 Communications Ltd Sees Heavy Value Trading Amid Volatile Session

Robust Trading Activity and Value Turnover

On 23 January 2026, One 97 Communications Ltd (symbol: PAYTM) recorded a total traded volume of 84.64 lakh shares, translating into an impressive traded value of approximately ₹10,098.28 crores. This level of turnover places the stock among the highest value trades on the Indian equity markets for the day, underscoring its prominence within the Financial Technology (Fintech) sector.

The stock opened at ₹1,261.90 and exhibited a wide intraday price range of ₹169.30, touching a high of ₹1,303.80 before plunging to a low of ₹1,134.50. The last traded price (LTP) stood at ₹1,176.00 as of 12:29 PM IST, marking a day-on-day decline of 6.14% and an overall 1-day return of -7.19%. This underperformance was notable against the sector’s 1-day return of -0.69% and the Sensex’s marginal fall of -0.23%.

Volatility and Price Dynamics

The stock demonstrated high intraday volatility of 9.26%, calculated from the weighted average price, reflecting significant price swings within the trading session. Notably, the weighted average price indicated that more volume was traded closer to the day’s low price, suggesting selling pressure intensified as the session progressed.

Despite the stock trading above its 200-day moving average, it remained below its 5-day, 20-day, 50-day, and 100-day moving averages, signalling a short-term bearish trend amid a longer-term support level. This technical setup points to a cautious market sentiment, with investors possibly awaiting clearer directional cues.

Institutional Interest and Investor Participation

Institutional investors have shown considerable interest in One 97 Communications Ltd, as evidenced by the high traded volumes and value. However, delivery volumes, which indicate actual investor participation beyond intraday trading, have declined recently. On 22 January 2026, delivery volume stood at 10.17 lakh shares, down by 25.72% compared to the 5-day average delivery volume. This drop suggests a reduction in long-term investor commitment, possibly reflecting profit-booking or cautious positioning ahead of upcoming corporate developments or market events.

Liquidity remains adequate for sizeable trades, with the stock’s liquidity supporting trade sizes up to ₹8.02 crores based on 2% of the 5-day average traded value. This liquidity profile makes the stock attractive for institutional and high-net-worth investors seeking to execute large orders without significant market impact.

Mojo Score and Rating Revision

MarketsMOJO’s latest assessment, dated 24 December 2025, downgraded One 97 Communications Ltd’s Mojo Grade from Buy to Hold, reflecting a more cautious outlook amid recent price volatility and sector headwinds. The company’s Mojo Score currently stands at 62.0, indicating moderate confidence in the stock’s near-term prospects.

The Market Cap Grade is rated 2, categorising the company as a mid-cap with a market capitalisation of approximately ₹83,104 crores. This sizeable valuation underscores the company’s significant footprint in the fintech space, though it also implies heightened expectations from investors regarding growth and profitability.

Sectoral and Market Context

Within the Financial Technology sector, One 97 Communications Ltd’s performance today notably underperformed its peers, with the sector declining only 0.69% compared to the stock’s 7.19% fall. This divergence highlights company-specific factors influencing investor sentiment, including concerns over earnings growth, competitive pressures, or regulatory developments impacting fintech firms.

Comparatively, the broader Sensex index’s marginal decline of 0.23% suggests that the market’s overall risk appetite remains relatively stable, with the fintech sector and One 97 Communications Ltd facing more pronounced headwinds.

Technical and Fundamental Considerations

Technically, the stock’s failure to sustain levels above its short- and medium-term moving averages signals potential resistance and a need for consolidation before any meaningful recovery. The wide intraday range and high volatility further emphasise the stock’s sensitivity to market news and investor sentiment.

Fundamentally, the company’s position as a leading fintech player with a large market cap and significant trading liquidity makes it a focal point for institutional investors. However, the downgrade in Mojo Grade to Hold suggests that recent financial metrics or growth trajectories may not have met expectations, warranting a more measured investment approach.

Investor Takeaways and Outlook

Investors should approach One 97 Communications Ltd with caution given the recent volatility and downgrade in rating. The stock’s high liquidity and significant institutional interest provide opportunities for active traders and portfolio managers to capitalise on price movements. However, the decline in delivery volumes and underperformance relative to sector peers suggest that longer-term investors may want to reassess their exposure.

Monitoring upcoming quarterly results, regulatory updates, and sectoral trends will be crucial to gauge the stock’s trajectory. The company’s ability to innovate and maintain market share in the competitive fintech landscape will also be key determinants of future performance.

In summary, while One 97 Communications Ltd remains a heavyweight in the fintech sector with substantial trading activity, its current technical and fundamental signals advocate a Hold stance, pending clearer signs of recovery or growth acceleration.

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