BSE seeks info from Paytm on share price freefall

Bengaluru: The Bombay Stock Exchange (BSE) has sought a clarification from Paytm on the regular slide in its inventory worth over the previous few days. Paytm’s inventory had taken a extreme beating final week after the Reserve Bank of India (RBI) banned Paytm Funds Financial institution from including new customers. The inventory continued its slide on Tuesday, closing almost 4% down at Rs 543.90 on BSE.

That is an all-time low for the corporate’s inventory worth. Paytm’s situation worth was Rs 2,150 when it listed on the bourses final November.

“The Change has sought clarification from One97 Communications Ltd (Paytm’s mother or father agency) on March 22, 2022 close to vital motion in worth, so as to be certain that buyers have newest related details about the corporate and to tell the market in order that the curiosity of the buyers is safeguarded,” BSE stated in a notice on Tuesday night.

BSE sometimes seeks a clarification when a inventory loses vital worth, and Paytm shares at the moment are buying and selling round 74% decrease than its situation worth. Final week, the RBI banned Paytm Funds financial institution from onboarding new customers over failures in compliance and mandated an IT audit. Paytm founder Vijay Shekhar Sharma owns 51% of Paytm Funds Financial institution whereas One97 Communications owns the remainder.

Following the RBI ban, Macquarie Capital minimize Paytm’s goal share worth to Rs 450.

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