Shares of Paytm’s parent company One97 Communications hit a lower circuit of 20% for the second consecutive day on Friday. This huge fall in Paytm shares has come after the strictness of the Reserve Bank.
Decline after RBI restrictions
Let us tell you that according to the RBI statement on Wednesday, Paytm Payments Bank will not be able to take any deposits on any customer’s account after February 29. However, existing customers of Paytm Bank will be allowed to withdraw their balance.
After this, Paytm said that the company will enter into agreements with third party banks for distribution of payments and financial services. Paytm has also clarified that the payment gateway will continue to provide payment solutions to the existing merchants.
RBI orders will not affect this business. Not only this, offline services like Paytm QR, Paytm Soundbox, Paytm Card Machine will also continue as before.
Due to the continuous beating in Paytm’s shares for two consecutive days, the market value of the company worth Rs 7,732 crore has been wiped off. The stock has fallen by 36% in the last two days. Paytm shares have reached their lowest levels since December 23, 2024.
