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RBI action triggers six mutual funds to fully exit Paytm, while six others sharply reduce stake in Feb

IndianStartupNewsIndianStartupNews · 9m
RBI action triggers six mutual funds to fully exit Paytm, while six others sharply reduce stake in Feb

Six mutual funds, including Mahindra Manulife Mutual Fund and Union Mutual Fund, divested their holdings in Paytm's parent company, One97 Communications, due to a sharp decline in stock price caused by regulatory interventions from the Reserve Bank of India (RBI). The central bank's restrictions on Paytm Payments Bank heightened concerns about the company's operational capabilities, resulting in a 40% drop in stock value. This led to a decrease in the value of Paytm shares held by mutual funds from Rs 3,384 crore to Rs 1,426 crore. However, there is potential for a turnaround with the expected grant of a third-party application provider license by mid-March.

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