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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Odisha: Two girls drown while bathing in village pond
Berhampur (Odisha) (PTI): Two girls drowned while bathing in a village pond in Odisha's Ganjam district on Tuesday, police said.
The deceased were identified as Pranjali Dora (11), a class 6 student, and Manini Dora (12), a student of class 7, both residents of Patanda village in Digapahandi police station area, a police officer said.
After returning home from school, they went to the village pond to take a bath like every other day. However, they slipped and fell into deep waters. Locals noticed them drowning and tried to rescue them but failed, he said.
Fire brigade personnel from Digapahandi retrieved the girls after a two-hour search and they were rushed to a nearby community health centre, where doctors declared them dead, Digapahandi police station officer-in-charge Kishor Kumar Samal said.
He said the bodies have been handed over to the respective families after conducting post-mortem examinations at MKCG Medical College and Hospital here.
He said unnatural death cases have been registered and an investigation launched.
