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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 fall in share prices comes after the RBI Governor denied any review of its action against Paytm Payments Bank Ltd (PPBL), stating the central bank takes any decision after much “consideration and deliberation”.
In its January decision, RBI barred Paytm Payments Bank from accepting deposits or top-ups in accounts, prepaid instruments, wallets, FASTags and NCMC cards from March 1, 2024, in the wake of persistent non-compliance and material supervisory concerns.
“If you are expecting a review of the decision, let me say very clearly say there is no review of the decision. The FAQs that we are proposing will deal with customer issues with FASTag holders, wallet users, etc. FAQs will address issues faced by the customers and the depositors. There is nothing on the table on the review of the decision (against PPBL),” Das said.
Defending its regulatory action, RBI said that the crackdown on Paytm came after a comprehensive system audit report and subsequent compliance validation report of the external auditors. Since commencing operation in May 2017, Paytm has been under scrutiny by thee regulator and has run into controversy at least 5 times.
PPBL has over 3 crore bank accounts, over 7 lakh point of sale (PoS) terminals, 3.52 crore UPI QR codes, and 3.23 crore debit cards as of December 2023.
