- Paytm and Mobikwik shares plunged up to 10 per cent.
- UPI MDR rollout deferral proposal caused market uncertainty.
- MDR applies to UPI transactions exceeding two thousand rupees.
Shares of Paytm, One Mobikwik Systems and other fintech firms dived up to 10 per cent on Thursday amid reports that a proposal to defer the rollout of merchant discount rate (MDR) on UPI to January 1, from October 15, is under consideration.
The stock of One 97 Communications, which owns the Paytm brand, tanked 10 per cent to Rs 1,560.60 on the BSE. Shares of One Mobikwik Systems dropped 8.43 per cent to Rs 234.40, while Pine Labs declined 4.95 per cent to Rs 168.75.
Network People Services Technologies also dipped 4.39 per cent to Rs 1,772.60.
Last month, the government allowed charging MDR, under which transactions above Rs 2,000 will attract a fee of 0.4 per cent.
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Shares of fintech firms jumped when the announcement was made last month amid hopes that this will generate additional revenue.
According to reports, a proposal to defer the rollout of the merchant discount rate on the Unified Payments Interface (UPI) to January 1 from October 15 is under consideration, with a decision expected in the next few days.
Disclaimer: This story has been directly published from the agency feed. No changes have been made except the headline.