Paytm Shares Falls 40% In 2 Days Amid Concerns Over RBI Order

Paytm Shares Falls 40% In 2 Days Amid Concerns Over RBI Order

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In spite of Paytm’s efforts to allay investor concerns about a blow to its business, the company’s shares saw a 20% decline on Friday as a result of the central bank’s crackdown on its payments bank.
For the second day in a row, Paytm shares were trading at 487 rupees, the lowest point in more than a year, at the bottom of a trading band set by the exchange. The company’s shares have now dropped 36% this week.

Paytm CEO Vijay Shekhar Sharma tweeted on Friday, “Your favourite app is working, will keep working beyond 29 February as usual,” in an effort to ease app users’ anxieties.

“For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance,” Mr Sharma added.

The Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular digital wallets from March, raising worries over revenues from the company’s main payments business.

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