Mumbai: The Reserve Bank of India (RBI) has restricted One97 Communications Ltd-owned Paytm Payments Bank Ltd from accepting new deposits or credit transactions, sending the company’s earnings down 20 per cent for the second consecutive day amid expectations of a bigger decline. Is. In the company’s revenue. Along with this, due to the stock falling by 40 percent in two days, investors’ capital worth Rs 17,378 crore has been lost in the company’s shares.
With this, the share price fell by 40 per cent from Rs 716 to the sole seller’s lower circuit of Rs 487.05 in two days and investors’ capital of two billion dollars was lost. The share price on January 31, 2024 was Rs 761. The market capitalization of the company, which was Rs 48,310 crore on January 31, 2024, has declined by Rs 17,378 crore to Rs 30,932 crore in two days.
The stock of Paytm parent company One97 Communications Ltd, whose IPO price was Rs 2,150, fell 77.34 per cent to an intraday low of Rs 487.05 today. Which is now just 11 percent away from its historical low of Rs 438. This price was seen in November 2022.
It is noteworthy that the disciplinary action taken by the Reserve Bank of India against Paytm Payments Bank Limited for various regulatory violations has resulted in a loss of reputation and revenue of the company ranging from Rs 300 crore to Rs 500 crore. Global and local broking houses have said that Paytm has acquired the parent company One97 Communications Limited. The rating of shares of Ltd. has been reduced to Rs 500. Of course, the stock has broken even above this target price today.