- By Aditya Pratap Singh
- Fri, 02 Feb 2024 11:08 AM (IST)
- Source:JND
Paytm Share: Days after Reserve Bank put restrictions on 'Paytm Payment Bank', the shares of the renowned fintech company plugged to hit 20% of the lower circuit for the second consecutive day.
Meanwhile, The app founder Vijay Shekhar Sharma said that Paytm would continue to operate beyond February 29 as the company is devoted to user's concerns.
Taking the X (formerly Twitter) he wrote, "To every Paytmer, Your favourite app is working, and will keep working beyond 29 February as usual."
Vijay Shekhar Sharma thanked users for their support in hard times and vowed to find a solution for the same.
"I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serving our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," Paytm founder wrote further.
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Last month, RBI in a notice, asked Paytm to stop further depositing an existing customer's accounts in its 'Paytm Payment Bank' service beyond February 29 citing compliance issues.
Earlier in March 2022, the central bank asked the fintech firm to stop onboarding new customers for the Paytm payment bank service.
Share of Paytm
After the recent development, the shares of Paytm experienced high selling pressure. The stock hit its lower circuit (20%) in the early trade for the second consecutive day. The stock opened at Rs 487.05 against the last-day close of Rs 608.80 on the BSE.
In the last two days, the shares of the company plunged 40 per cent.