NEW DELHI: Shares of One97 Communications Ltd, owner of Paytm brand, hit lower circuit limit for second consecutive day on Thursday. Paytm shares fell by 5% or 20.30 to 385.90 from its pervious close.
Paytm shares dropped 5% and hit lower circuit limit during Wednesday’s late morning trade. The stock fell to Rs 406.15 on the BSE.
Vijay Shekhar Sharma has recently resigned as part-time non-executive chairman of Paytm Payments Bank Limited.The bank’s board has been reconstituted, and the process of appointing a new chairman will begin, according to a filing on Monday. This turn of events is important considering the RBI’s crackdown on Paytm Payments Bank due to non-compliance and supervisory concerns.
Last month, RBI took regulatory action and prohibited PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29. The deadline was later extended to March 15.
One97 Communications Ltd (OCL) is the owner of the Paytm brand. OCL holds 49% of the paid-up share capital of PPBL (directly and through its subsidiary), while Vijay Shekhar Sharma has a 51% stake in the bank.
Paytm shares dropped 5% and hit lower circuit limit during Wednesday’s late morning trade. The stock fell to Rs 406.15 on the BSE.
Vijay Shekhar Sharma has recently resigned as part-time non-executive chairman of Paytm Payments Bank Limited.The bank’s board has been reconstituted, and the process of appointing a new chairman will begin, according to a filing on Monday. This turn of events is important considering the RBI’s crackdown on Paytm Payments Bank due to non-compliance and supervisory concerns.
Last month, RBI took regulatory action and prohibited PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29. The deadline was later extended to March 15.
One97 Communications Ltd (OCL) is the owner of the Paytm brand. OCL holds 49% of the paid-up share capital of PPBL (directly and through its subsidiary), while Vijay Shekhar Sharma has a 51% stake in the bank.