All eyes will be on the Paytm stock when the market opens on Monday. The payment gateway’s shares had fallen 15 per cent in the last two days of previous trading week.
On Friday, the shares of Paytm had tanked 6.09 per cent to close at ₹419.85 on the BSE. During the day, it had dropped 8.67 per cent to ₹408.30. The company stock had declined 6.15 per cent to ₹419.15 on the National Stock Exchange. During the day, the shares tumbled 8.20 per cent to ₹410.
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On Thursday and Friday, the stock fell 15.48 per cent, wiping off ₹4,870.96 crore from its market valuation on the Sensex. The shares had fallen 10 per cent to hit lower circuit on Thursday following a two day rally.
The shares had surged 10 per cent on Wednesday after rebounding over three per cent on Tuesday following three days of sharp fall.
From February 1 to 5, i.e three days of trading, the Paytm stock had crashed by over 42 per cent, wiping out ₹20,471.25 crore from its market valuation.
The stock plunge took place a day after the Reserve Bank of India barred Paytm Payments Bank from accepting new deposits after February 29.
“No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime,” the RBI order had stated.
The central bank had stated that the regulatory action was taken against Payments Bank due to ‘persistent non-compliance’.
“We give sufficient time to every entity to comply and sometimes more than sufficient time to the entities for compliance. If they would comply, why would a regulator like us would have to take action?” RBI governor Shaktikanta Das had said last Thursday.
(With PTI inputs)