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Paytm Shares Plummet Amid RBI Restrictions, Falls Below ₹350 Mark

14 Feb 2024 , 03:07 PM

Paytm shares registered a 9% decline on February 14, falling below ₹350, indicating continued challenges for One97 Communications, its parent company.

At the time of writing, Paytm shares were trading at ₹342.15 on the NSE, marking an 10.0% drop and reaching a new 52-week low at ₹344.1. The stock has witnessed a substantial decrease of 65.5% from its 52-week high of ₹998.3 in October 2023.

The decline intensified after the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank on January 31, citing ongoing compliance issues and supervisory concerns. RBI's investigation revealed significant irregularities in Know Your Customer (KYC) processes, raising money-laundering concerns.

Instances were found where the same Permanent Account Number (PAN) was linked to over 100 customers, and in some cases, more than 1,000 customers. Since January 31, Paytm shares have experienced a sharp decline, losing over 53% of their value.

RBI directed Paytm Payments Bank to stop accepting deposits, credit transactions, or top-ups after February 29, along with other regulatory measures.

Paytm, founded in 2010 by Vijay Shekhar Sharma under One97 Communications, offers digital payment services, financial products, and collaborative services with financial institutions.

One97 Communications, Paytm's parent company, got listed on Indian stock exchanges on November 18, 2021, following a significant initial public offering (IPO). For the fiscal year 2022–23, Paytm reported a gross merchandise value (GMV) of ₹13.2 Lakh Crore (US$170 billion).

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