After having a positive close on Wednesday, Paytm’s share price fell by almost six percent at the beginning of trading.
Paytm share price was nearly six per cent down in the open after closing in positive on Wednesday. On the Sensex, the shares of Paytm were trading at ₹469.90 after hitting a day high of ₹524. The shares of One97 Communications Ltd, the parent company of Paytm, had soared 10 per cent.
The stock jumped 10 per cent to settle at ₹496.75 — its upper circuit limit — on the BSE after a firm beginning. Shares of the company climbed 9.99 per cent to ₹496.25 on the NSE.
The stock of One97 Communications Ltd rebounded by over 3 per cent on Tuesday after three days of sharp fall.
The share price slump comes amid the crisis faced by the fintech firm after the Reserve Bank of India barred Paytm Payments Bank from accepting new deposits after February 29. Paytm’s founder and chief executive officer Vijay Shekhar Sharma had met finance minister Nirmala Sitharaman.
The CEO of the fintech company was informed by the minister that the government could not provide assistance with the regulatory problem. Additionally, Sharma held discussions with officials from the Reserve Bank of India, who declined to make any exceptions for the payments gateway, including allowing the migration of accounts to different banks and extending the deadline of February 29.
Paytm released a statement on Wednesday refuting claims that it was being investigated by central agencies. The company asserts that it and its associates are not the subject of any regulatory probe. The company remains committed to operating in accordance with regulatory guidance and improving its processes to expand digital payments in India.
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