Paytm Shares at Its All Time Low, Tanked 13%

Paytm Shares at Its All Time Low, Tanked 13% Today

Shares of One 97 Communications, the parent company of Paytm, crashed 13 per cent on Monday after RBI impose restrictions on Paytm.

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The Reserve Bank of India has barred Paytm Payments Bank from adding new customers due to likely gaps in its technology systems.

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Saying in a notice by RBI, the bank has also been directed to appoint an IT audit firm to conduct a comprehensive system audit of its IT system

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Following the development, shares of Paytm dropped as much as 13 per cent to Rs 672.10 before recovering to Rs 686.25 at 9.30 am.

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Paytm had launched India's largest IPO of Rs 18,300 crore in November but the stock has been falling since its listing.

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The stock has tumbled about 70 per cent to date of its value compared to the issue price of Rs 2,150.

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