Paytm shares hit lower circuit

Paytm share price: Shares of One97 Communications, the owner of the Paytm brand, locked in a lower circuit limit on Wednesday, February 28 at Rs 406.15 on BSE. It declined 4.99 per cent to hit the lower circuit limit of Rs 406.2 on the NSE, snapping the rising trend in the last three sessions. 

Vijay Shekhar Sharma has stepped down as part-time non-executive chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding that PPBL will commence the process of appointing a new chairman.

The dramatic turn of events assumes significance in the backdrop of RBI's crackdown on Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns.

Last month, in a regulatory action, the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 -- a deadline that was later extended to March 15.

One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.

(with agency inputs)