Paytm shares plunge 20%
Shares of One97 Communications Ltd, which owns Paytm brand, slumped another 20 per cent on Friday, as the RBI has directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.
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New Delhi: Shares of One97 Communications Ltd, which owns Paytm brand, slumped another 20 per cent on Friday, as the RBI has directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.
The stock tanked 20 per cent to Rs487.05 -- its lowest trading permissible limit for the day -- at the BSE. On the NSE, it tumbled 20 per cent to hit the lower circuit limit of Rs487.20. Shares of One97 Communications plummeted 20 per cent on Thursday as well. In two days, the company’s market capitalisation (mcap) eroded by Rs17,378.41 crore to Rs30,931.59 crore. Fintech firm Paytm sees an impact of Rs300-500 crore on its annual operational profit, as its customers will not be able to add money to their wallets, FASTags etc as RBI barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account. The central bank on Wednesday barred PPBL from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024. Till then, customers can add money as well as withdraw money from the Paytm wallet and PPBL account. RBI said the action against PPBL followed a comprehensive system audit report and subsequent compliance validation report of external auditors.
