Paytm shares tank 7%, down 16% in 2 days. Here are key reasons

Paytm shares fell 6.95 per cent to hit a low of Rs 416 on BSE. That said, the stock recovered Paytm shares fell 6.95 per cent to hit a low of Rs 416 on BSE. That said, the stock recovered some ground and was down 4.99 per cent at Rs 424.80 later. some ground and was down 4.99 per cent at Rs 424.80 later.

Updated Feb 9, 2024 9:30 AM IST

Paytm shares tank 7%, down 16% in 2 days. Here are key reasons

Shares of One 97 Communications Ltd (Paytm) fell nearly 7 per cent in Friday's trade after the recent commentary by the Reserve Bank of India (RBI) where the apex bank clarified that the action on Paytm Payments Bank was taken due to persistent non-compliance. Reports suggesting resignation by a Paytm Payments Bank director, EPFO putting restrictions on deposits and credit transactions of subscribers’ EPF accounts held in Paytm Payments Bank accounts also weighed on the counter.

Another report suggested that the RBI would meet with NPCI to finalize modalities for the migration of merchants and consumers from crisis-hit Paytm. Paytm shares fell 6.95 per cent to hit a low of Rs 416 on BSE. That said, the stock recovered some ground and was down 4.99 per cent at Rs 424.80 later. A report that Paytm was closing in on a deal to acquire an ONDC platform restricted some downside.

Also read: Stock recommendations by analyst for Feb 9: Midhani, Oberoi Realty and Barbeque Nation

Also read: BHEL shares in news today as firm wins Rs 5,500-crore order

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

ABOUT THE AUTHOR

Amit Mudgill

A financial journalist with over 18 years of experience in print and digital media, I cover India's capital markets, focusing on stocks, IPOs, mutual funds, corporate earnings, and market trends. Currently with Business Today, I report on equities, corporate developments, fundraising activity, and the broader investment landscape, delivering timely, data-backed insights to investors and readers.

Previously, I worked with The Economic Times and Deccan Chronicle, covering business, markets, and corporate affairs. My experience spans breaking news, analysis, and long-form features, with a strong focus on financial markets and investment-related reporting.

I am on the go 24/7: Saying 'Good Night' to Dow Jones and 'Good Morning' to Gift Nifty comes naturally. Ask me about data and you'll hear stories. Away from markets, I enjoy stargazing, astrophotography, reading about India's neighbourhood, and playing video games.

Published on: Feb 9, 2024 9:22 AM IST

Paytm shares tank 7%, down 16% in 2 days. Here are key reasons

ABOUT THE AUTHOR

TOP STORIES

TOP VIDEOS

LATEST