Paytm Share Fall: Shares of Paytm’s parent company One 97 Communications Ltd opened at Rs 609 at 9.15 am with a lower circuit of 20 per cent. With opening, the price of this share decreased by Rs 152.20.
The action taken on Wednesday by the Reserve Bank of India (RBI) on the country’s leading company Paytm, which provides online payment services, has had a major impact on the company’s shares. With the opening of the stock market on Thursday, the budget day, Paytm shares crashed. There was a lower circuit of 20 percent in this. Let us tell you that on the last business day, the Central Bank had issued an order to ban the banking services of Paytm Payment Bank, after which the fear of fall in the company’s stocks was already being expressed.
Paytm shares hit lower circuit as soon as it opened
Shares of Paytm’s parent company One 97 Communications Ltd opened at Rs 609 at 9.15 am with a lower circuit of 20 per cent. With the opening, the price of this share decreased by Rs 152.20 and the market capitalization of the company Paytm MCap decreased to Rs 38680 crore. Let us tell you that the 52 week high level of Paytm shares is Rs 998.30.
Paytm’s banking services banned
If we talk about Reserve Bank of India (RBI) action against Paytm, then on Wednesday the central bank issued an order banning Paytm Payment Bank from adding new customers. That means now no new customer will be able to join PPBL. Apart from this, RBI has also issued an order that Paytm Payments Bank will not accept deposits/top-ups in any customer account, wallet and FASTag after 29 February 2024.
No restriction on withdrawal of already deposited amount
However, the Reserve Bank has said that customers will be allowed to withdraw or use the balance from their accounts including savings account, current account, prepaid instruments, FASTag, National Common Mobility Card (NCMC) without any restriction. That is, it has been clarified by RBI that the amount already deposited in savings bank account, current account and Fastag among others can be withdrawn or used without any restriction. RBI has taken this action against Paytm Payments Bank under Section 35A of the Banking Regulation Act-1949.
That’s why the screws on Paytm were tightened
Regarding this action taken by the Reserve Bank on Paytm Payment Bank, it has been said that after an audit report and report verified by external auditors, non-compliance and material supervisory concerns have been highlighted in the banking service of Paytm. Amidst all this, this decision has been taken and under the order, along with the ban on adding new customers, transactions in the accounts of existing customers have also been banned from 29th February 2024.
(Note- Before making any kind of investment in the stock market, definitely take advice from your market experts.)