Dallas, Texas 08/01/2013 (Financialstrend) – Shares of Visa Inc. (NYSE:V) appear to have suffered heavily with their trading session on Wednesday when the company had moved to bottoms of 10% loss during the day. This heavy loss in the stock had been primarily attributed to the ruling by court against the capping of the swipe fees charged by the company. Federal Reserve had moved to put a cap on the fees charged for the debit card transactions by the companies involved in the market to a maximum of $0.12 per transaction, which was further increased to the level of $0.21 per transaction due to heavy pressure imposed by the lobbyists and the retail coalition.
However, in a recent ruling by Richard Leon, the US District Court Judge had overruled this authority of the central bank quoting that the Federal Reserve had disregarded Dodd Frank regulations through this cap on swiping fees. Leon had commented that such a cap imposed on the debit card transactions would result in heavy inflation of all such transactions by billions of dollars. Now, the swiping fees to be charged for such debit card payments will again be left to the decision of the retail merchants operating in the industry.
Visa Inc. (NYSE:V) had presented loss of 7.54% with the trading on Wednesday and had thereby closed at $177.01 per share. While the stock opened at $193.75 per share, there had been fluctuations in the intraday prices ranging between $170.99 and $194.90 per share during the day. The 52 week low price for the stock is presently at $125.81 and 52 week high price is at $196.00 per share. There are a total 645.25 million shares in the market valuing to a market cap of $114.21 billion. The stock witnessed around 22.52 million shares being exchanged hands on Wednesday while the average level of trading is at 3.01 million shares a day.