Paytm will not be closed even after 29th February! Company's CEO gave assurance, yet share price fell by 20%
The shadow disaster on Paytm Funds Financial institution is steadily deepening. The corporate's share value has fallen by about 40 p.c within the final two days. This morning the corporate's inventory value fell by 20 p.c i.e. Rs 121.80 and reached the bottom degree of final 52 weeks at Rs 487.20. On the similar time, Chief Government Officer (CEO) of One97 Communications Restricted (OCL) Vijay Shekhar Sharma has assured the those that even after February 29, Paytm will proceed to work as earlier than. He wrote on the social media platform 'X' that the corporate is dedicated to serving the nation with full compliance. He mentioned that for all of the folks utilizing Paytm, your favourite app is working and can proceed to work like this even after February 29. One97 Communications holds 49 per cent stake in Paytm Funds Financial institution Ltd (PPBL) however classifies it as its affiliate, not a subsidiary.
From FasTAG to Pockets, what’s going to work on PayTm and what not after this month? Know right here
To each Paytmer,
Your favourite app is working, will proceed to work as traditional even after February 29.
I together with each member of the Paytm crew salute you to your tireless help. There’s a answer to each problem and we’re sincerely dedicated to serve our nation to the fullest…
– Vijay Shekhar Sharma (@VijayShekhar) February 2, 2024
RBI had imposed a ban
The Reserve Financial institution of India (RBI) on Wednesday directed Paytm Funds Financial institution Restricted to not settle for deposits or top-ups in any buyer account, pay as you go instrument, pockets and Fastag after February 29, 2024. Since then the corporate's shares are repeatedly falling. Vijay Share Sharma mentioned that I together with each member of the Paytm crew salute you to your continued help. Each problem has an answer and we’re dedicated to serve the nation actually with full compliance. India will proceed to realize world accolades in funds innovation and inclusion in monetary providers, with Paytm Karo contributing probably the most. Paytm Funds Financial institution had mentioned on Thursday that the RBI order is prone to influence the corporate's annual working revenue by Rs 300-500 crore as its prospects will be unable to deposit cash of their wallets, Fastag and many others.
Firm's market cap close to 30,931
Amidst the continual decline in Paytm's shares, the market capitalization of the corporate has additionally decreased by Rs 30,931.59 crore. RBI had mentioned within the order that the 'nodal accounts' of One97 Communications Restricted and Paytm Funds Providers, the corporate working Paytm, must be closed as quickly as potential earlier than February 29. One97 Communications holds a 49 p.c stake in Paytm Funds Financial institution Ltd. however classifies it as an affiliate, not a subsidiary.
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