New Delhi, Nov. 13 -- Shares of Paytm, the parent company of One 97 Communications, have crossed their IPO listing-day high for the first time since the company's stock market debut in November 2021, following a major regulatory development concerning its digital wallet business.

During market hours on Friday, the company announced that its payments services subsidiary, Paytm Payments Services Limited (PPSL), had received preliminary approval from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs), including digital wallets. The development marks a significant regulatory milestone for the company as it looks to revive its wallet business.

Following the announcement, Paytm shares jumped nearly 2% to hit Rs.1,960,...