Paytm shares crash 13 pc after RBI puts curb on Paytm Payments Bank

New Delhi, March 14 : Days after Reserve Bank of India (RBI) stopped Paytm Payments Bank from adding new customers and ordered a comprehensive IT audit, Paytm stocks crashed over 13 per cent on the BSE on Monday and traded at Rs 672.10 a piece in the early trade. Share of Paytm has hit record low since the fintech’s Rs 18,300 crore initial public offering (IPO) last November. The RBI had on February 11 directed Paytm Payment Bank Ltd (PPBL) to temporarily halt onboarding of new customers. It cited certain material supervisory concerns for the action against the payment bank. “The embargo will have an adverse impact on signing up users for new PPBL wallets or savings/current accounts, until further notice. Also, observing certain material supervisory concerns at PPBL, RBI’s directive will also remain an overhang till concerns are appropriately addressed,” said ICICI Securities in a report on March 13. Paytm shares have been in free fall and under tremendous stress with brokerages downgrading the stock. NK

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