Paytm shares decline over 2.50 pc

PTI | New Delhi | Updated: 02-03-2024 14:24 IST | Created: 02-03-2024 14:12 IST
Paytm shares decline over 2.50 pc
Representative Image Image Credit: ANI
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Shares of One97 Communications Ltd, which owns and operates Paytm, declined more than 2.50 per cent in Saturday's special trading session, after the Financial Intelligence Unit slapped a penalty of Rs 5.49 crore on Paytm Payments Bank.

Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site.

The company's stock fell by 2.56 per cent to settle at Rs 414.55 apiece on the BSE. During the day, it went lower by 3.61 per cent to Rs 410.05.

On the NSE, it declined by 2.13 per cent to Rs 414.40 per share.

Shares of One97 Communications on Friday jumped 5 per cent after the company said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.

In fresh trouble for Paytm Payments Bank, the Financial Intelligence Unit (FIU) has slapped a penalty of Rs 5.49 crore on the payments bank for violating anti-money laundering law, the finance ministry said on Friday.

Paytm Payments Bank Ltd (PPBL) has been in trouble after the Reserve Bank directed it to stop accepting fresh deposits from customers with effect from February 29 -- a deadline which was later extended to March 15.

Earlier this week, Vijay Shekhar Sharma stepped down as part-time non-executive Chairman of PPBL and the board of the bank was reconstituted.

The finance ministry said FIU-India had initiated a review of Paytm Payments Bank on receipt of specific information from law enforcement agencies in respect of a few entities and their network of businesses engaged in illegal acts, including organising and facilitating online gambling.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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