Paytm shares fall for 3rd day; hit lower circuit limit
New Delhi, Feb 5: Shares of One97 Communications Ltd, which owns Paytm brand, fell by another 10 per cent to hit its lower circuit limit, as investors continued to dump the stock following the RBI's crackdown.
The stock tanked 10 per cent to Rs 438.35 -- its lowest trading permissible limit for the day -- on the BSE.
It plummeted 9.99 per cent to hit its lower circuit limit of Rs 438.50 on the NSE.
In three days, the stock has tumbled over 42 per cent, wiping out Rs 20,471.25 crore, from its market valuation.
The regulator last week ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, cards for paying road tolls after February 29.
Paytm Payments Bank Limited (PPBL) is an associate of One97 Communications Limited (OCL).
One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.
While users have the option to switch to other wallets, and FASTag services etc being provided by other vendors, Paytm management has said that PPBL is in discussion with RBI to comply with their direction for continuing the business.
Paytm sees an impact of Rs 300-500 crore on its annual operational profit.
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Shivaji statue collapse case: HC grants bail to consultant Chetan Patil
Mumbai (PTI): The Bombay High Court on Thursday granted bail to consultant Chetan Patil arrested in connection with the collapse of Chhatrapati Shivaji Maharaj''s statue at Rajkot fort in Malvan in August.
A 35-foot statue of the iconic Maratha warrior king collapsed in Sindhudurg district on August 26, nearly nine months after Prime Minister Narendra Modi unveiled it on Navy Day.
Patil was arrested on August 30 from Kolhapur.
A single bench of Justice A S Kilor on Thursday held that no case was made out to implicate Patil in the case as he had not been appointed as the structural designer of the statue.
The bench further said Patil had only submitted a structural stability report of the pedestal of the statue and the pedestal was intact even after the collapse.
Another accused, Jaydeep Apte, who was the sculptor and contractor, was also arrested in the case. The HC said it would hear his bail plea on November 25.
The Sindhudurg police had registered an FIR under Bharatiya Nyaya Sanhita for negligence and other offences last month against Apte and Patil for the statue's collapse.
Patil and Apte moved HC seeking bail after a sessions court rejected their pleas.
