Paytm shares slump 20%; hit lower circuit limit

February 01, 2024 10:21

No 'Paytm karo' soon

Shares of One97 Communications Ltd, which owns Paytm brand, plummeted 20 per cent on Thursday as the RBI directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.

The stock cracked 20 per cent to Rs 608.80 -- its lower circuit limit -- on the BSE. At the NSE, it tumbled 19.99 per cent to hit the lowest trading permissible limit for the day of Rs 609.

The company's market capitalisation (mcap) also eroded by Rs 9,646.31 crore to Rs 38,663.69 crore in early trade. However, any interest, cashbacks, or refunds may be credited back to customers anytime.

The direction follows persistent non-compliances and continued material supervisory concerns, the central bank said in a statement.

RBI also said the 'nodal accounts' of One97 Communications Ltd (OCL) and Paytm Payments Services are to be terminated at the earliest, in any case not later than February 29, 2024.

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