Paytm shares fall 20 percent after RBI ban, hit lower circuit, Delhi News in Hindi
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khaskhabar.com : Thursday, 01 February 2024 11:53 AM
New Delhi. Paytm shares fell 20 per cent on Thursday after RBI banned Paytm Payments Bank.
Paytm is trading 20 percent down at Rs 608.80 on BSE.
Motilal Oswal Financial Services said in a report that the business outlook is uncertain and downgraded the stock to neutral.
Paytm Payments Bank Limited (PPBL) is a subsidiary of Paytm and has over 100 million customers. It has 300 million wallet users, 30 million bank account holders and 17 percent market share in fast tags by value.
Earlier, RBI in its previous press release dated March 11 had directed PPBL to stop onboarding new customers. The regulator has taken a tough stance citing persistent non-compliance concerns.
RBI took strict action on January 31, 2024 and significantly limited the scope of business activities for PPBLs.
Paytm recently announced plans to shrink its BNPL operations and is working to mitigate the impact by expanding personal and business loans. In this backdrop, the latest measures raise serious concerns over its business outlook and harm overall investor confidence, the report said.
–IANS
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