Paytm dips 20% post RBI move; brokerages see more downside going ahead

Shares of One 97 Communications, parent of fintech giant Paytm, tanked 20 per cent to Rs 608.80 on the BSE in Thursday's trade after the Reserve Bank of India halted nearly all transactions of its digital payment unit Paytm Payments Bank (PPBL).

The RBI has restricted PPBL from taking fresh deposits and credit transactions across its services due to non-compliance of regulations and supervisory concerns.

Paytm's share erased its entire 20 per cent rally recorded in the month of January.

Till 09:28 am, a combined 675,000 equity shares changed hands and there were pending sell orders for 38.97 million shares