Paytm hits decrease circuit for second consecutive day, inventory tanked by 5% – Occasions of India

NEW DELHI: Shares of One97 Communications Ltdproprietor of Paytm modelhit decrease circuit restrict for second consecutive day on Thursday. Paytm shares fell by 5% or 20.30 to 385.90 from its earlier shut.
Paytm shares dropped 5% and hit decrease circuit restrict throughout Wednesday’s late morning commerce. The inventory fell to Rs 406.15 on the BSE.
Vijay Shekhar Sharma has just lately resigned as part-time non-executive chairman of Paytm Funds Financial institution Restricted.The financial institution’s board has been reconstituted, and the method of appointing a brand new chairman will start, in line with a submitting on Monday. This flip of occasions is vital contemplating the RBI’s crackdown on Paytm Funds Financial institution as a result of non-compliance and supervisory issues.
Final month, RBI took regulatory motion and prohibited PPBL from accepting contemporary deposits or top-ups in buyer accounts, wallets, FASTags, and different devices after February 29. The deadline was later prolonged to March 15.
One97 Communications Ltd (OCL) is the proprietor of the Paytm model. OCL holds 49% of the paid-up share capital of PPBL (immediately and thru its subsidiary), whereas Vijay Shekhar Sharma has a 51% stake within the financial institution.