Paytm shares rise over 3.75%; labour ministry resolves company-employee dispute; know details
The representative of the management of PayTM appeared before the Commissioner on Wednesday and agreed not to recover the joining bonus and to pay the notice period payment to the employee. The employee accepted the exit offer made by PayTM in the presence of the Regional Labour Commissioner (Central), Bengaluru.
Paytm Share Price: Shares of One97 Communication, the parent company of Paytm, rose over 3.75 per cent on BSE on Thursday (July 11, 2024). It happened a day after the Ministry of Labour & Employment resolved an employment dispute between the firm and an employee.
The Paytm stock that closed trading on Wednesday at Rs 467.05 rose by 3.79 per cent to touch Thursday's high of Rs 484.75.
The stock was trading higher by 3.47 per cent, or Rs 16.20, at Rs 483.25 at 10:04 am on Thursday.
What was dispute between Paytm and its employee?
Swiftly acting upon a grievance filed by an employee regarding alleged termination practices at PayTM, the Regional Labour Commissioner (Central), Bengaluru, had issued a notice to Paytm.
The representative of the management of Paytm appeared before the Commissioner on Wednesday and agreed not to recover the joining bonus and to pay the notice period payment to the employee.
The employee accepted the exit offer made by Paytm in the presence of the Regional Labour Commissioner (Central), Bengaluru. The grievance was thereby resolved to the satisfaction of both parties.
Paytm spokesperson said, “We are thankful to the Labour Ministry for hearing the matter and their involvement. The exit terms were clarified to the complainant in the joint discussion and was accepted gracefully and amicably. We remain committed to resolve any issues expressed by transitioning employees and are actively listening to their feedback."
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