Following the buzz, shares of Paytm in the unlisted market have corrected about 10-12 per cent to Rs 3,200-3,250 from Rs 3,600-3,650 earlier.

The rupee on Friday settled at 74.89/$1 as against 74.8600 per US dollar on Thursday. The partially convertible rupee had started the day at 74.81/$1 and then moved in a range of 74.69/$1 to 74.94/$1.

The stock fell more than 3 per cent today adding to the more than 6 per drop on Wednesday as media reports suggested that the newly formed panel to look into cigarette taxes may recommend a hike in retail prices of as much as 75 per cent.

The OIS curve is now the steepest in more than 11 years — a clear-cut sign that the market is bracing for imminent and continued normalisation of the monetary policy.

Analysts said the recovery attempts in the last couple of days have met with renewed selling pressure, as the bears are trying to gain the upper hand. The range of 17,950-18,050 is likely to offer strong support to the index, they said.

The company reported a 9.1 per cent on-year growth in consolidated revenue from operations to Rs. 3,033.1 crore, which was above Street’s expectations.

On the technical charts, the RSI of the stock stood at 52.25.

The Nifty Bank index closed 0.73 per cent up at 40323.65.

IRB Infrastructure continued to fly high along with Rail Vikas Nigam. Investors are focusing on September quarter performance, following which IIFL Wealth and South Indian Bank were hit hard.

"Clearly the market is telling us that a sectoral rotation seems to be taking place. Now financials, not just in the last week or 10 days, but over a little extended time horizon, have been underperformers relative to the rest of the market, on the back of the second Covid wave and lockdown."