Paytm shares hit upper circuit for third straight session

February 20, 2024 12:44

Shares of Paytm's parent firm One97 Communications rallied 5 per cent and touched upper circuit for the third straight session on Tuesday. According to reports, the Directorate of Enforcement (ED), which has been probing One97 Communications' arm Paytm Payments Bank Ltd (PPBL), has not found any breaches of the foreign exchange rules so far.

However, the reports said, the central agency has found certain lapses in know-your-customer (KYC) norms as well as issues around generation of suspicious transaction report.

Last week, ED had formally initiated a probe into overseas transactions by PPBL for allegedly flouting foreign exchange rules. The scrip of crisis-hit fintech company surged 5 per cent each to Rs 376.45 and Rs 376.25 apiece -- its upper circuit limit -- on the BSE and NSE. -- PTI

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