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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AAP claims party's LS poll campaign song banned by EC
New Delhi (PTI): The AAP on Sunday claimed the Election Commission (EC) has imposed a ban on the party's Lok Sabha campaign song, 'Jail ke jawab mein hum vote denge', stating that it shows the ruling BJP and central investigation agencies in a bad light.
There was no immediate response from the poll panel to the AAP's claim.
Addressing a press conference, senior AAP leader Atishi said, "It is probably the first time that the EC has imposed a ban on a party's campaign song."
According to the EC, she said, the song shows the ruling party and investigation agencies in a bad light.
"The song does not mention the BJP and does not violate the Model Code of Conduct. It includes factual videos and incidents," she added.
Atishi, who is also a Delhi government minister, accused the EC of not acting on poll code violations committed by the BJP.
"If the BJP does dictatorship, it is right. But if someone talks about it, that is wrong. This shows that democracy is in danger. I want to urge the EC to act on the (poll code) violations committed by the BJP and not stop campaigns of opposition parties," she said.
The AAP's over two-minute campaign song has been penned and sung by AAP MLA Dilip Pandey. The song was released at the party headquarters here on Thursday.
#WATCH | Delhi Minister Atishi says, "... Another political weapon of the BJP, the Election Commission has put a ban on AAP's campaign song. This has happened for the first time in the history of India, that the Election Commission has put a ban on the election song of a… pic.twitter.com/9BgLQYbUeC
— ANI (@ANI) April 28, 2024
