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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IndiGo cancels over 1,000 flights on Friday; expects situation to normalise by Dec 10-15: CEO
New Delhi (PTI): On a day when IndiGo cancelled more than 1,000 flights, the airline's CEO Pieter Elbers on Friday said the situation is anticipated to normalise between December 10-15.
Elbers, in a video message, apologised for the major inconvenience caused to the passengers due to the disruptions.
"Regrettably, earlier measures of the last few days have proven not to be enough. So we decided today for a reboot of all our systems and schedules, resulting in the highest number of cancellations so far, but imperative for progressive improvements starting tomorrow onwards.
"With these actions, we expect tomorrow to have cancellations below 1,000. The support of DGCA, in providing specific FDTL implementation relief, is of great help," Elbers said.
Aviation regulator DGCA has kept in abeyance the implementation of the new Flight Duty Time Limitations (FDTL) norms, and gaps in planning the second phase implementation of these norms are one of the key factors for the current flight disruptions.
IndiGo is the country's largest airline and generally operates around 2,300 flights daily.
