Paytm shares settle in red, day after Vijay Shekhar Sharma's resignation from Payments Bank
On BSE, the fintech major's stock ended at ₹427.50 apiece, a drop of 0.11%, while on NSE, it closed at ₹426.95, down 0.27%.
Shares of Paytm owner One97 Communications Limited ended in red on Tuesday, despite rising 5% on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in the morning session.
On BSE, shares of One97 Communications settled at ₹427.50 apiece, a drop of 0.11%, while on NSE, these closed at ₹426.95, down 0.27%.
Earlier, in the morning session, the fintech major's stock climbed 4.98% to ₹449.30 -- its upper circuit limit -- on the BSE; NSE, on the other hand, witnessed the company's stocks rally 4.99% to reach ₹449.50, the highest trading permissible limit for the day.
That rally came a day after entrepreneur Vijay Shekhar Sharma, who founded One97 Communications Limited, stepped down as part-time non-executive chairman of Paytm Payments Bank Limited (PPBL) and as a member of the bank's board.
According to a filing that announced Sharma's resignation, the board has been reconstituted and PPBL will commence the process of appointing a new chairman.
Also Read: Vijay Shekhar Sharma resigns as chairman of Paytm Payments Bank; board reconstituted
Paytm has in a crisis since January 31, when the Reserve Bank of India (RBI) announced a series of measures against PPBL, the banking arm of Paytm, due to ‘persistent non-compliances.’ The measures included a ban on PPBL from adding new customers after February 29.
The deadline was later extended to March 15.
(With agency inputs)
