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Paytm's counter has been under tremendous pressure since the Reserve Bank announced restrictions on Paytm Payments' operations amid persistent non-compliances and continued material supervisory concerns.
Last week, government sources told Reuters that the fintech was being investigated under specific provisions of the Foreign Exchange Management Act (FEMA), which covers individual and corporate transfers overseas. However, Paytm had denied the reports.
The ED's move is a fresh setback to the Payments Payments Back, especially after the RBI ruled out any review of its clampdown against the entity.
Paytm share price: One97 Communications, the parent company of Paytm, saw its stock decline by nine per cent in early trade at ₹344.80
The selloff came after remarks by RBI governor Shaktikanta Das on Monday where he said the central bank will not go back on its order against PPBL