Paytm shares hit fresh upper circuit limit; jump 5 pc

Shares of One97 Communications Ltd, the owner of the Paytm brand, jumped another 5 per cent on Tuesday to hit the highest trading permissible limit for the day.

The stock climbed 4.98 per cent to Rs 449.30 — its upper circuit limit — on the BSE even after a muted opening to the trade. Shares of the fintech firm exhibited highly volatile trends falling to the day’s low of Rs 413.55. Later, the stock bounced back and quoted 1.18 per cent higher at Rs 433.

At the NSE, shares of the company rallied 4.99 per cent to reach the highest trading permissible limit for the day at Rs 449.50 despite a weak beginning.

Shares of One97 Communications had hit upper circuit limits on Monday and Friday as well.

Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman.

The dramatic turn of events assumes significance in the backdrop of RBI’s crackdown on the Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns.

Last month, in a regulatory action the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 — a deadline that was later extended to March 15.

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