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Indian lender Paytm Payments Bank got a much-sought after extension from the central bank to wind down its operations on Friday, even as its overseas transactions are under the scanner of the federal financial crime fighting agency.
Shares of Paytm, owned by One 97 Communications, crashed 20% on BSE after the RBI directed Paytm Payments Bank to halt new credit and deposit operations. Jefferies, a global broking firm, downgraded Paytm and highlighted the impact on Paytm's wallet business and profitability of merchant payments. Macquarie's Suresh Ganapathy emphasized the regulatory issues faced by Paytm and the potential implications for revenue and profitability.
Paytm Payments Bank said it would allow its full KYC wallet customers to now make payments to all customers by scanning all UPI QR codes
The stocks migrating to the new T+1 cycle include the likes of Reliance, Tata Motors, PB Fintech, Delhivery, Nykaa, Paytm, among others
The Paytm stock has made a new low on Thursday as it fell further to Rs 1,054 on the BSE.The stock was down 2.58 per cent in trade and has continued its losing spree after a recent downgrade by Macquarie.Foreign brokerage Macquarie said on ...