- By Aditya Pratap Singh
- Mon, 06 May 2024 01:09 PM (IST)
- Source:PTI
Paytm Shares Today: Shares of Paytm's parent company One97 Communications fell 5% after its chairman and chief operating officer Bhavesh Gupta resigned from the firm. The fintech firm's stock fell 4.99 percent to 351.70 on BSE, which is its lower circuit limit. On NSE, it dropped 5% to 351.40, which was the day's lowest acceptable trading range.
An official statement said on Saturday that Bhavesh Gupta, the president and chief operating officer of Paytm's parent company One97 Communications, has resigned from the company.
Gupta was in charge of loan operations, online and offline payments, and compliance, among other things, at Paytm. The RBI's ban on Paytm Payments Bank (PPBL) from conducting new transactions had an adverse impact on the vertical he led. Bhavesh Gupta, the president and chief operating officer, who oversees payments and lending operations, has decided to take a personal break from work. He will stay on in an advisory role till the end of the year and provide guidance for Paytm's growth objectives, Paytm said in a statement.
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Gupta joined Paytm in August 2020 from Clix Capital, which was formerly GE Capital. He will be relieved of his duties with the firm on May 31st. Paytm predicted a loss of Rs 300-500 crore due to the RBI ban on PPBL.
Earlier this year, the managing director and CEO of Paytm Payments Bank, Surinder Chawla, has resigned on 8th April, as per a stock exchange filing. As mentioned in the release, Chawla has tendered his resignation due to personal reasons to explore better career opportunities and will be leaving PPBL on 26th June.
RBI action on Paytm Payments Bank
On 31st January, RBI imposed significant business restrictions on PPBL, including a ban on accepting new deposits and credit transactions after 29th February. On 16th February, the deadline was extended to 15th March. Later, on 14th March, the National Payments Corporation of India (NPCI) allowed Paytm's parent company One97 Communications Limited (OCL) to participate in UPI services as a third-party application provider (TPAP) in a multi-bank model.
