India Business News: NEW DELHI: The Enforcement Directorate, which has been investigating Paytm Payments Bank, a branch of One 97 Communications, for potential foreign exc.
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Shares of Paytm, owned by One 97 Communications, crashed 20% on BSE after the RBI directed Paytm Payments Bank to halt new credit and deposit operations. Jefferies, a global broking firm, downgraded Paytm and highlighted the impact on Paytm s wallet business and profitability of merchant payments. Macquarie s Suresh Ganapathy emphasized the regulatory issues faced by Paytm and the potential implications for revenue and profitability.
Depending on the nature of the resolution, Paytm expects RBI s action to have a worst-case impact of Rs 300 to 500 crores on its annual EBITDA going forward.