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Paytm Share Price : Tuesday proved to be inauspicious for the stock of Paytm. Today the stock slipped below Rs 600 for the first time and closed at 592.45 on the National Stock Exchange. Hardly any investor would have thought that Paytm’s stock would go down so much.
Shares of One97 Communications, the parent company of digital payments firm Paytm, lost over 12 per cent on Tuesday. If we talk about the decline from its listing so far, then it is troubling investors in a terrible way. The share listed on the National Stock Exchange at Rs 1955 is currently at Rs 592. Every day it is making its new low level.
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Paytm said – business will not be affected
The continued selling pressure in Paytm shares comes at a time when the RBI has barred Paytm Payments Bank from accepting new customers. The banking regulator has also ordered a comprehensive audit of its IT systems. The RBI mentioned, without elaborating, the “physical” supervisory concerns observed in the payments bank of One97 Communications.
Paytm has said that the company is taking immediate steps to comply with the RBI’s directions, including the appointment of an IT auditor. The digital payments company believes that the ban will not have any significant impact on its overall business.
Also read – Why are investors running away after selling Paytm shares? get to know the experts
What Shankar Sharma had said, that’s what happened
Many experts are skeptical of the growth prospects of new age businesses like Paytm. Dipan Mehta, director, Elixir Equities, told CNBC-TV18 that he is “not very clear on the path to profitability for Paytm.” In January, market stalwart Shankar Sharma told CNBC-TV18 that he should not be surprised if shares of new-age companies fall 80-90 per cent by the end of 2022.
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Tags: Paytm, stock market
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