Paytm Shares Surge Up To 5% In Early Trade After Vijay Shekhar Sharma Resign From PPBL Board

Paytm Shares: Paytm's share price rose 5% in early trade on Tuesday after its founder Vijay Shekhar Sharma resigned from the board of Paytm Payments Bank. Shares of Paytm fell 3% but rallied sharply in the opening minutes, rising 4.99% to Rs 449.30 on the BSE.

Paytm parent company One97 Communications has withdrawn its nominee from the board of Paytm Payments Bank and hence Vijay Shekhar Sharma has stepped down as part-time non-executive chairman and board member to initiate a restructuring of the board.

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The Reserve Bank of India (RBI) has imposed major restrictions on Paytm Payments Bank, banning it from accepting new deposits and making credit transactions after March 15.

The newly reconstituted board of Paytm Payments Bank Limited (PPBL) includes former Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Bank of Baroda managing director Ashok Kumar Garg and retired IAS Rajani Sekri Sibal.

Also Read: Vijay Shekhar Sharma Steps Down As Chairman Of Paytm Payments Bank Board