Paytm hits upper circuit after sliding to 52-week low for 4th day in succession

Paytm Hits a 52-week Low: The downfall of the stock of One 97 Communications, the parent company of Paytm, continued on BSE on Friday (February 16, 2024) as it hit a fresh 52-week low.

The stock that closed at Rs 325.25 on Thursday opened at Rs 318.75 on Friday to hit a 52-week low of Rs 318.35.

However, the stock recovered around 1 pm and hit an upper circuit of five per cent to rise to Rs 341.50. The stock closed the trading session at the same level. 

Friday was the fourth day in succession when the stock slipped to a 52-week low, having slid to lows on February 15, 14, and 13 as well.

Earlier, the Enforcement Directorate (ED) reportedly questioned senior Paytm executives and took the submission of documents from them following the recent RBI action of banning Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account.

The central agency, according to the sources, is conducting a preliminary examination of documents before it decides to launch a formal investigation into the RBI-flagged alleged irregularities at the fintech company under the Foreign Exchange Management Act (FEMA).

Paytm Payments Bank dropped from FASTag bank list 

In a blow to the company, the national tolling authority removed Paytm Payments Bank from the list of authorisied banks that can issue new FASTags for vehicles.

Indian Highway Management Company (IHMCL), which is the tolling authority of the National Highways Authority of India (NHAI), wrote in a Twitter post, “Travel hassle-free with FASTag! Buy your FASTag today from below authorised banks,” IHMCL said, leaving out Paytm Payments Bank from the list of 32 authorised banks.

Travel hassle-free with FASTag! Buy your FASTag today from authorised banks. @NHAI_Official @MORTHIndia pic.twitter.com/Nh798YJ5Wz

— FASTagOfficial (@fastagofficial) February 14, 2024

(With inputs from PTI)