Extending its previous day's decline, the stock dived 8.67 per cent to Rs 408.30 on the BSE. Shares of the company tumbled 8.20 per cent to Rs 410 on the NSE. Shares of One97 Communications Ltd fell 10 per cent to hit lower circuit limit on Thursday, after a two-day rally in the stock fizzled out.
The Employees' Provident Fund Organisation (EPFO) has asked its officers to refrain from accepting claims linked with accounts in Paytm Payments Bank, an associate of One 97 Communications, according to the order, which was reviewed by Reuters.
A media report suggested that CDSL, the largest domestic securities depository is conducting an inspection of the customer verification process followed by Paytm Money, the wealth management entity run by Paytm.
RBI’s warnings on rising unsecured credit in the system and subsequent action increasing risk weights on such loans will make life harder for Paytm, which is fighting to hold on to its wallet business and payments bank, believe experts
As of December-end, domestic mutual funds held a 6.07 percent stake in Paytm, while FPIs held 63.72 percent. No big blocks have been reported on the exchanges except a Rs 244 crore purchase by Morgan Stanley in a client account.