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.
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
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.
Paytm had launched India's largest IPO of Rs 18,300 crore in November but the stock has been falling since its listing.
The stock has tumbled about 70 per cent to date of its value compared to the issue price of Rs 2,150.