The Enforcement Directorate has found no evidence of Foreign Exchange Management Act (FEMA) violations by Paytm Payments Bank Ltd (PPBL), as per reports. This comes amid media speculating about FEMA violations by the company in the past week.
The ED initiated a preliminary inquiry against Paytm Payments Bank earlier this week. The action comes days after the RBI barred the Paytm subsidiary from accepting new deposits from February 29.
Shares of One 97 Communications fell 5% after ED questioned Paytm Payments Bank officials over alleged FEMA violations. Paytm has lost 57% in value since RBI banned the payments bank. Macquarie sees stock slumping to Rs 275, says Suresh Ganapathy.