Paytm share price took a deep dive on Monday, giving shareholders, investors a heartache. The Shares fell over 12 per cent to an all-time low of Rs 672 apiece on the BSE Sensex.
Shares of One97 Communications, the parent company of Paytm, crashed after the Reserve Bank of India (RBI) last week barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit.
Paytm Payments Bank was set up in 2017 to help Paytm reach tens of millions of Indians who use mobile phones and cheap data services in the world’s fastest-growing internet services market but do not have access to the formal banking sector.
You can track Paytm share price on BSE Sensex at https://www.bseindia.com/stock-share-price/one-97-communications-ltd/paytm/543396/ .
On NSE India, Paytm share price can be checked at https://www.nseindia.com/get-quotes/equity?symbol=PAYTM .
PAYTM Share Price: The share price of One 97 Communications,tanked 12 percent to ₹ 685 a share, down about 70% from its issue price of ₹ 2,150 per share.
Paytm Payments Bank had received the RBI’s approval to function as a scheduled payments bank in December, helping it expand its financial services operations.
Paytm Share Price Tanked due to RBI New Customer Acquisition Ban
The RBI will allow Paytm Payments Bank to onboard new customers subject to specific permission after reviewing the IT auditor’s report, the central bank said in a statement on Friday.
Paytm Payments Bank has also been directed to appoint an audit firm to conduct a comprehensive audit of its IT system, the RBI said in a statement.
Paytm made its debut in November last year in the country’s biggest-ever initial public offering. But the listing was also one of the worst witnessed by the Indian stock market, including Monday’s losses, Paytm shares have fallen nearly 70 per cent since their debut.
Indeed, Paytm has witnessed an erosion of over ₹ 57,100 crore to ₹ 44,294 crore from from Day 1’s closing market capitalisation of ₹ 1,01,399.72 crore on November 18. About 70 per cent of its value has been wiped out do far compared to the Initial Public Offering at issue price had sought a valuation of about ₹ 1.39 lakh crore.