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Shares of One97 Communications Ltd, which owns Paytm brand, fell by another 10 per cent to hit its lower circuit limit, as investors continued to dump the stock following the RBI's crackdown. The stock tanked 10 per cent to Rs 438.35 -- its lowest trading permissible limit for the day -- on the
The stock jumped 7.79 per cent to Rs 472.50 on the BSE despite a weak beginning to the trade
The RBI’s press release detailed all the ways in which it was restricting Paytm Payments Bank. The statement didn’t have a word about what customers are supposed to do. This has caused unnecessary chaos for 50 million merchants, for whom online payments are synonymous with the Paytm app, connected to a Paytm Payments Bank account
Paytm Crisis: RBI ordered Paytm Payments Bank to wind down most of its business, including deposits, credit products and its popular digital wallets.
During their verification processes, the central bank and auditors found that the compliance submitted by Paytm Payments Bank was incorrect.