Paytm Shares Hit Record Low After RBI Restriction On Payments Bank

New Delhi: The shares of Paytm plunged over 13 per cent to hit an all-time high of Rs 672.10 following the strict action of the Reserve Bank (RBI).

The share price of Paytm has been continuously witnessing fall ever since it entered the open market after the recent Initial Public Offering (IPO).

The fintech company once again on Monday saw a fall in its share price and it broke more than 13 percent as soon as it opened.

New Record In Lower Level

The share of Paytm's parent company One97 Communications was trading at Rs 681, down 12.11 percent at 09:38 am on the BSE. At one time it also fell to a low of Rs 672.10. This is now the new historical low level of Paytm stock. This is the first time that the stock price of Paytm has come down below Rs 700 which is less than a third of the issue price.

Paytm Investors Suffer Huge Loss

Paytm stock has come down nearly 70 percent compared to the IPO price so far. Paytm's parent company One97 Communications was listed on 18 November 2021 with a issue price of Rs 2,150, which has now come down to Rs 700. In this way, the investors of the IPO have lost about Rs 1,470 per share.

RBI's Action Against Paytm

The banker's bank, Reserve Bank of India (RBI) on Friday had asked Paytm Payments Bank not add new customers. According to RBI, it has received some notable supervisory concerns regarding Paytm Bank. In addition to this, Paytm Bank has also been instructed to get its IT system audited.

The banks said that after the audit report, it will decide whether to allow or not to fintech company add new customers.

Also read: Commodity Market Shock to Trigger All-round Price Rise

Also watch: