Stay updated with breaking news from Communications Ltd. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Extending its previous day's decline, the stock dived 8.67 per cent to Rs 408.30 on the BSE. Shares of the company tumbled 8.20 per cent to Rs 410 on the NSE. Shares of One97 Communications Ltd fell 10 per cent to hit lower circuit limit on Thursday, after a two-day rally in the stock fizzled out.
Paytm is known for offering salaries above the industry average. The firm is currently facing regulatory pressures on its operations.
The investment allows Paytm to beef up its arm which processes online transactions. While the investment is less than $12 million, an approval would signal Paytm is still in the governments good books even as the countrys banking regulator has tightened its grip on the company.
As per reports, government's stance towards the investment has softened, particularly following a reduction in the stake held by Paytm's Chinese shareholder, Ant Group Co.
The committee will work with the One97 board on strengthening compliance and regulatory matters and will also include M.M. Chitale, former president of ICAI, and R. Ramachandran, former chairman and managing director of Andhra Bank.