new Delhi. Paytm, which is listed on both the exchanges with fanfare, has been trading at a loss for some time now. Due to the recent tightening of the Reserve Bank (RBI), the price of shares of Paytm reached a record low on Monday.
At the very beginning of the business, there was a big drop of 12% in the Paytm Stock Price and it came down to Rs 672. This is its lowest level since the listing of Paytm. The Reserve Bank on Friday banned Paytm Payments Bank (Paytm Payments Bank) from adding new customers. Its effect is visible on Monday’s business.
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Big drop of 56 percent so far
Paytm, which is a major stakeholder of One97 Communications Limited, raised a huge capital of $ 2.5 billion for its IPO, but the company’s shares saw a huge decline of 27 percent as soon as it debuted in the market on November 18. Its shares have come down 49 percent in 2022 itself and since the listing, it has seen a strong decline of 56 percent.
What did RBI order?
RBI has ordered an IT (Information Technology) audit, prohibiting the addition of new customers on Paytm Payments Bank. The Reserve Bank says that it will allow Paytm Payments Bank to add new customers only after seeing the IT audit report. Vijay Shekhar Sharma holds a 51 per cent stake in Paytm Payments Bank, which was started in 2017, while the rest is held by One97 Communications Limited.
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Company has given trust, services will continue
Paytm Payments Bank has said in a tweet that it is making all efforts to fulfill the conditions of RBI. The bank tweeted, ‘Dear customers, we value our relationship with you and we are trying our best to fulfill the norms of RBI. Our existing customers will continue to get banking services without any problem.
Tags: Paytm, RBI, Share market
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