New Delhi: Shares of One97 Communications, which owns the brand Paytm tanked 10 per cent on the exchanges Tuesday after RBI ruled out any review of the central bank’s action against Paytm Payments Bank, saying that its decisions are well thought out.
This is the first time that the shares of crisis-hit One97 Communications tumbled below the Rs 400 threshold on both the bourses.
The stock tumbled 10 per cent each to close at Rs 380 and Rs 380.35 apiece — its lower circuit limit as also a 52-week low level — on the NSE and BSE respectively.
In volume terms, 1.14 crore equity shares were traded on the NSE, while 15.92 lakh shares were traded on the BSE, during the day.
In broader equity markets, the 30-share BSE Sensex benchmark climbed 482.70 points or 0.68 per cent to end at 71,555.19, while NSE Nifty rose 0.59 per cent to close at 21,743.25 points.
RBI Guv Das Monday said it is not against any fintech but its prime objective is to protect the interest of customers and depositors.
Regarding the action taken against PPBL, he said directives against any regulated entities are taken whenever it finds that they don’t take any action even after they are told to comply with the regulations.
In a major action against PPBL, the central bank, January 31, directed it to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29.
While announcing the action against PPBL, RBI had said the direction follows persistent non-compliances and continued material supervisory concerns.
One97 Communications holds a 49 per cent stake in PPBL but classifies it as an associate of the company and not as a subsidiary.
In a regulatory filing Monday, Paytm Payments Bank Ltd said its independent director Manju Agarwal resigned from the board due to personal reasons.
Agarwal resigned from PPBL a day after RBI issued an order to Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29.
Over the past few weeks, the shares of the digital payments company have been under pressure due to the crisis it faced after the RBI initiated action against its company, Paytm Payments Bank.
PTI