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Paytm shares hit new all-time low; tumble 20 per cent in 2 days

The Reserve Bank of India (RBI) last week imposed restrictions on Paytm Payments Bank and asked it to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

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Mumbai: The share price of Paytm’s parent company One 97 Communications Ltd dipped by another 10 per cent on Tuesday hitting a new all-time low.

At 13.38 pm, One 97 Communications Ltd’s share was trading at Rs 610.85, which is 9.55 per cent down from its previous day’s close at Rs 675.53. This is the lowest ever price of One 97 Communications Ltd share.

The scrip has tumbled by over 20 per cent in the last two days after the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new customers.

RBI

One 97 Communications Ltd share had slumped 12.84 per cent on Monday.

The company’s market capitalisation slipped below Rs 40,000 crore for the first time. On the day of its stock market debut on November 18, 2021, the market capitalisation of One 97 Communications Ltd stood at Rs 1.01 lakh crore. The company has lost over Rs 60,000 crore in market capitalisation in less than four months.

The Reserve Bank of India (RBI) last week imposed restrictions on Paytm Payments Bank and asked it to appoint an IT audit firm to conduct a comprehensive system audit of its IT system.

Paytm

In its reply to the RBI’s action, One 97 Communications Ltd said, “The bank (Paytm Payments Bank) is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems. PPBL remains committed to working with the regulator to address their concerns as quickly as possible.”

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