Mutual funds double stake in Paytm shares in just 6 quarters, but retail investors flee. Who's smart?

Indian mutual funds have more than doubled their stake in One97 Communications, Paytms parent, rising to 16.25% in September 2025 from 6.8% in June 2024, while retail investors trimmed holdings for the sixth consecutive quarter. The shift reflects renewed institutional confidence as Paytms stock more than doubled from record lows of Rs 609 in February 2024 to near Rs 1,300.