Paytm stock tanks 20% for second straight day - Times of India
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MUMBAI: The street failed to take comfort from Paytm management's assurance to investors that the company would disassociate from Paytm Payments Bank (PPBL) and partner with other banks following the Reserve Bank of India’s (RBI) move to severely restrict operations of PPBL. For the second straight day, the stock price of One 97 Communications (OCL) which owns Paytm slid 20% and hit lower circuit of Rs487 on Friday, down 77% from IPO price.The stock got hammered even after founder and CEO Vijay Shekhar Sharma assured consumers that the Paytm app will continue working beyond February 29. Earlier this week, RBI barred PPBL from adding funds to any customer accounts, ending the utility of most of its services with effect from March 1. Rivals, meanwhile, seem to be eating into Paytm’s market share. “We are seeing a surge in inbound requests from merchants for QRs and Smart speakers and we are making sure we meet that demand,” a PhonePe spokesperson said in response to q...