Paytm Share Price: Shares of One97 Communications, owner of payments platform Paytm, fell over 13 per cent to their lowest level in morning trade on Monday following a Reserve Bank of India (RBI) directive on Friday. Paytm Payments Bank will stop onboarding New customers to conduct a comprehensive audit of their IT systems with immediate effect and citing “content supervisory concerns”.
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The stock fell 13.30 per cent to its all-time low of Rs 672.00 per share on the National Stock Exchange (NSE), while on BSE, it fell 13.25 per cent to touch a low of Rs 672.10.
At 11:24 am, the stock of One 97 Communications was trading at Rs 701.00, down Rs 73.80 (9.53 per cent), while it was trading at Rs 699.35, down Rs 75.70 (9.77 per cent) on the NSE. The BSE data shows that the company’s market capitalization stood at Rs 45,461.55 crore.
Over 64.43 lakh shares of Paytm have been traded on the NSE so far in intraday trade, while over 3.23 lakh shares have been exchanged on the BSE, data from the respective stock exchanges showed.
In a statement issued after market hours on Friday, the central bank said, “Onboarding of new customers by Paytm Payments Bank Ltd. will be subject to specific permission to be given by RBI after review of the IT auditors’ report.”
This action is based on certain material supervisory concerns observed in the Bank.
According to Paytm, for the year ended March 31, 2021, Paytm Payments Bank, which has the largest scale among all payments banks, had reported a net profit of Rs 17.88 crore on sales of Rs 1,987.84 crore. IPO Brochure One97 Communications holds 49 per cent equity interest in Paytm Payments Bank, while the remaining 51 per cent is owned Vijay Shekhar Sharma,