Login

News Post

Paytm hits lower circuit for third straight session, wipes out $2.5 bn in market cap

VCCircleVCCircle · 8m
Paytm hits lower circuit for third straight session, wipes out $2.5 bn in market cap

Indian digital payments firm Paytm has seen its shares drop for a third consecutive session, resulting in a $2.5 billion decrease in market value. This decline follows a regulatory crackdown by the Reserve Bank of India (RBI) last week, which led to uncertainty surrounding Paytm's business operations. The RBI instructed Paytm Payments Bank to cease accepting fresh deposits in its accounts and digital wallets from March. The RBI alleged non-compliance with regulations related to customer due diligence, use of funds, and technology infrastructure. Paytm's stock fell by 10% on the Bombay Stock Exchange, reaching a record low. The RBI has passed information to the Enforcement Directorate, hinting at concerns of potential money laundering activities.

2
View Source

Comments

More Like this

Gainers & losers: Stocks and sectors that moved the most on October 7

Gainers & losers: Stocks and sectors that moved the most on October 7

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore

Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore

Indian public markets retreat from record highs amid profit booking

Indian public markets retreat from record highs amid profit booking

New-Age Tech Stocks Lose Over $2.3 Bn In M-Cap In A Day Amid Decline In Broader Market

New-Age Tech Stocks Lose Over $2.3 Bn In M-Cap In A Day Amid Decline In Broader Market

Sensex, Nifty end lower, volatility index hits a 15-month high

Sensex, Nifty end lower, volatility index hits a 15-month high

Paytm denies report of selling wallet business to Jio Financial Services, HDFC Bank

Paytm denies report of selling wallet business to Jio Financial Services, HDFC Bank

Sensex, Nifty end flat; fall in HDFC Bank offsets gains in IT shares

Sensex, Nifty end flat; fall in HDFC Bank offsets gains in IT shares

How did Paytm, Zomato & other startup stocks react amid market crash?

How did Paytm, Zomato & other startup stocks react amid market crash?

PhonePe Tops UPI Chart With 6.5 Bn Transactions In April

PhonePe Tops UPI Chart With 6.5 Bn Transactions In April

Download the medial app to read full posts, comements and news.