Paytm shares tumble to new record low
Shares of the Paytm parent One 97 Communications tank 5% to hit a record low of ₹317.45.
Shares of the Paytm parent One 97 Communications tank 5% to hit a record low of ₹317.45.
Surinder Chawla has resigned as Managing Director and CEO of Paytm Payments Bank, an associate entity of Paytm.
Two major developments in the past week have fuelled a rally in stock hit by RBI’s latest decision against its associate entity
The fintech stock has lost 53% since January 31, 2023, while its market cap has fallen over ₹25,500 crore in the last 13 sessions.
The fintech major will further expand its high-ticket personal and merchant loan business, while it will reduce small-ticket postpaid loans of less than ₹50,000.
The shares of Paytm parent, One97 Communications, declined as much as 4.6% to hit a low of ₹880, with 8.7 lakh shares changing hands on the BSE.
On Wednesday, Paytm shares declined as much as 4.6% to hit an intraday low of ₹825.35 on the BSE.
The Paytm stock ended the day at ₹542.25 on the BSE, down 6.4%.
The total loan disbursements grew 357% YoY to ₹9,958 crore, while the number of loans grew 117% YoY to 0.37 crore in Q3 FY23.
On Wednesday, shares of One 97 Communications gained as much as 5.5% to hit an intraday high of ₹541.50 on the BSE.