From its 52-week high of Rs 998.3, which the company’s shares had reached in October 2023, Paytm stock has now dropped 65.5%.Shares of one97 Communications, the parent company of payment aggregator Paytm, continue its losing streak as shares hit a record low of 342.15 after tanking nearly 9 per cent. Shares are trading at 9.30 per cent lower at 11 am. Shares of Paytm had tanked 9 per cent on Tuesday as well. Paytm stock has slipped 65.5 per cent now from its 52-week high of Rs 998.3, which its shares had touched in October 2023.
The RBI Governor said the central bank makes all decisions after extensive “consideration and deliberation,” which led to the decline in share prices. The governor also denied any review of the action taken against Paytm Payments Bank Ltd. (PPBL)
Due to chronic non-compliance and serious supervisory concerns, the RBI decided in January to prohibit Paytm Payments Bank from taking deposits or top-ups in accounts, prepaid cards, wallets, FASTags, and NCMC cards starting on March 1, 2024.
Let me state unequivocally that there is not a review of the decision if that is what you were hoping for. Our proposed FAQs will address consumer concerns regarding wallet users, FASTag holders, and other related topics. FAQs will cover problems that depositors and consumers may encounter. Nothing regarding the decision review (against PPBL) is on the table, Das stated.
In defence of its regulatory action, the RBI stated that the Paytm crackdown followed an extensive system audit report and an external auditor’s compliance validation report. Since its launch in May 2017, Paytm has generated controversy at least five times and has been under regulatory scrutiny.
By December 2023, PPBL had more than 3 crore bank accounts, over 7 lakh PoS terminals, 3.52 crore UPI QR codes, and 3.23 crore debit cards.
