Paytm shares extend slide, shed 24% in two sessions and 72% from IPO price

Stock slips 12.3% on Tuesday to end at a new low of Rs 592, as RBI ban on Paytm Payments Bank from onboarding new customers last Friday weighs

Shares of One97 Communications, parent company of digital payments major Paytm, dropped 12.3 per cent on Tuesday, extending its two-day slide to 24 per cent. The stock ended at a new low of Rs 592. The plunge in its stock price comes after the Reserve Bank of India (RBI) on Friday barred Paytm Payments Bank from onboarding new customers citing “material supervisory concerns.” The central bank has said the restrictions will continue until a comprehensive audit of its information-technology systems.

Paytm shares are now down 72 per cent over their issue price of Rs 2,150.

Analysts say the regulatory issues