Paytm Shares Experience Additional 20% Decline on NSE, Summing Up to a 36% Drop in 2 Days
The share price of Paytm faced another significant setback with a 20% decline on the National Stock Exchange (NSE). This comes on top of the existing 36% drop in just two days, triggered by the Reserve Bank of India’s (RBI) directive to Paytm Payments Bank Ltd (PPBL), an affiliate of Paytm, to discontinue accepting deposits or top-ups across various accounts, wallets, and instruments from March 1.
One97 Communications Ltd (OCL) holds a 49% stake in Paytm Payments Bank, while Vijay Shekhar Sharma, the founder of One97 Communications, possesses the remaining 51% stake.
In response to the regulatory development, Paytm’s shares have witnessed heightened volatility, leading to the recent decline. The shares of One97 Communications concluded at ₹487.20 per piece on the NSE. The market continues to closely monitor the situation as the company navigates through the regulatory challenges impacting its financial performance.
Also Read: Vijay Shekhar Sharma Assures Users: Paytm Will Continue Operations Beyond February 29
‘RBI planning to cancel Paytm Bank permit’
In connected developments, there are indications that the Reserve Bank of India (RBI) is considering the potential revocation of Paytm Payments Bank’s license as early as the upcoming month.
This decision stems from the banking sector regulator’s discovery of potential infractions, encompassing the misuse of rules related to customer documentation and the non-disclosure of significant transactions.
With a focus on safeguarding depositors, the RBI is poised to reach a conclusive decision, potentially post the February 29 deadline, contingent upon the representations made by Paytm, according to reports from Bloomberg. The situation remains fluid, and the RBI’s position may evolve based on subsequent developments.
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