Paytm shares tank nearly 5% after report says fintech firm may cut 20% of its jobs

Paytm Share Price: The stock of One97 Communications, the parent company of Paytm, slipped by nearly five per cent after a news report said that the fintech firm may cut 20 per cent of its workforce.

The Paytm stock that closed at Rs 356.20 a day ago slipped by 4.83 per cent to the day's low of Rs 339.00 on Friday.

Paytm shares that began the trading session at Rs 353.25 on Friday closed the day lower by 4.28 per cent, or Rs 15.25 at Rs 340.95 each.

The stock of the company, which announced its fourth-quarter results this week, tanked in the morning session after a report said that the company may cut one-fifths of its workforce in order to reduce its employee costs.  

The report also said that given One97 Communications' burgeoning losses, the workforce can be reduced by 5,000-6,300 employees.