Paytm tanks 14% hits new low post RBI curbs on Payments Bank

Paytm has clarified stating the RBI ban does not impact on the services provided in partnership with other financial institutions.

Shares of One97 Communications, the parent company of digital payments major Paytm, tanked nearly 14 per cent to hit a new low of Rs 672 on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of certain supervisory concerns.

The stock feel below its previous low of Rs 728.50 touched on March 8, 2022. The stock has now declined 69 per cent when compared with its issue price of Rs 2,150. The company made its market debut on November 18, 2021.