Paytm shares tank another 20%; hit fresh lower circuit limit
The stock tanked 20 per cent to Rs 487.05 its lowest trading permissible limit for the day at the BSE
Shares of One97 Communications Ltd, which owns Paytm brand, slumped another 20 per cent on Friday, as the RBI has 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 tanked 20 per cent to Rs 487.05 its lowest trading permissible limit for the day at the BSE.
On the NSE, it tumbled 20 per cent to hit the lower circuit limit of Rs 487.20.
Shares of One97 Communications plummeted 20 per cent on Thursday as well.
In two days, the company’s market capitalisation (mcap) eroded by Rs 17,378.41 crore to Rs 30,931.59 crore.
Fintech firm Paytm sees an impact of Rs 300-500 crore on its annual operational profit, as its customers will not be able to add money to their wallets, FASTags etc as RBI barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account.
