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Paytm shares settle marginally lower after hitting upper circuit limit in intra-day trade

Paytm business news: Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman.

Sheenu Sharma Edited By: Sheenu Sharma @20sheenu New Delhi Published on: February 27, 2024 18:05 IST
Paytm business news, Paytm shares settle marginally lower after hitting upper circuit limit in intra
Image Source : PAYTM (X) Paytm shares settle marginally lower after hitting upper circuit limit in intra-day trade.

Paytm business news: Shares of One97 Communications Limited, the owner of the Paytm brand, ended marginally lower today (February 27) after hitting the highest trading permissible limit for the day in intra-day trade. The stock climbed 4.98 per cent to Rs 449.30- its upper circuit limit- on the BSE early in the day even after a muted opening to the trade. Shares of the fintech firm exhibited highly volatile trends falling to the day's low of Rs 413.55. It finally ended at Rs 427.50, marginally lower by 0.11 per cent.

On the NSE, shares of the company rallied 4.99 per cent to reach the highest trading permissible limit for the day at Rs 449.50 despite a weak beginning. The stock later ended at Rs 426.95, down 0.26 per cent. Shares of One97 Communications had hit upper circuit limits on Monday and Friday as well.

Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman.

The dramatic turn of events assumes significance in the backdrop of RBI's crackdown on Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action, the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29- a deadline that was later extended to March 15.

In a release on Monday, One97 Communications informed that its associate entity PPBL has reconstituted its Board of Directors with the appointment of former chairman of Central Bank of India Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.

They have recently joined as independent directors, it elaborated. One97 Communications Ltd (OCL) is the owner of the Paytm brand. 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.

(With agencies inputs) 

ALSO READ: Why did Vijay Shekhar Sharma resign as chairman of Paytm Payments Bank? | EXPLAINED

ALSO READ: Vijay Shekhar Sharma steps down as Paytm Payments Bank chairman

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