- By Aditya Pratap Singh
- Wed, 14 Feb 2024 11:30 AM (IST)
- Source:JND
Paytm Shares: The crisis seemed far from over for Paytm's parent company One97 Communications as its shares went down for another 9 per cent in the early trade, plunging below Rs 350 per share. As of 11.05 am, Paytm shares on NSE were trading at Rs. 348.50, 8.9 per cent below the previous close value. The stock hit a fresh 52-week low at Rs 342.15.
Shares Plunged 65% From 52-Week high value
In October 2023, the stock touched its 52-week high of Rs. 998.3, the share price fell 65.5 per cent, the biggest loss since the Reserve Bank of India imposed restrictions on Paytm Payments Bank on January 31. Since January 31, Paytm shares have halved their value, down nearly 53 per cent.
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RBI imposed sanctions on Paytm Payment Bank
The RBI imposed sanctions on Paytm Payments Bank Ltd (PPB), citing continuous non-compliance with the central bank's norm. As per the RBI, massive irregularities in KYC have exposed customers, depositors and wallet holders to risk. In its investigation, the regulator found that one PAN was linked to more than 100 customers in thousands of cases. The total value of transactions in crores of rupees exceeds regulatory limits on minimum KYC pre-paid instruments, which raised money laundering concerns.
RBI has directed Paytm Payment Bank to stop accepting deposits, credit transactions or top-ups in existing accounts, prepaid instruments, wallets, and FASTags after February 29. RBI has asked Payments Payment Bank to settle all pipeline transactions and nodal accounts by March 15.
