Paytm shares tank another 20 pc; hit fresh lower circuit limit
New Delhi (PTI): Shares of One97 Communications Ltd, which owns Paytm brand, slumped another 20 per cent on Friday, as the RBI has directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29.
The stock tanked 20 per cent to Rs 487.05 -- its lowest trading permissible limit for the day -- at the BSE.
On the NSE, it tumbled 20 per cent to hit the lower circuit limit of Rs 487.20.
Shares of One97 Communications plummeted 20 per cent on Thursday as well.
In two days, the company's market capitalisation (mcap) eroded by Rs 17,378.41 crore to Rs 30,931.59 crore.
Fintech firm Paytm sees an impact of Rs 300-500 crore on its annual operational profit, as its customers will not be able to add money to their wallets, FASTags etc as RBI barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account.
The central bank on Wednesday barred PPBL from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.
Till then, customers can add money as well as withdraw money from the Paytm wallet and PPBL account.
RBI said the action against PPBL followed a comprehensive system audit report and subsequent compliance validation report of external auditors.
One97 Communications Ltd (OCL) holds a 49 per cent stake in PPBL but classifies it as an associate of the company and not as a subsidiary.
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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.
