Shares of fintech major One 97 Communications, which runs Paytm, crashed 20% on BSE following RBI s ban on Paytm Payments Bank. The queue of sellers grew longer as the stock opened in the lower circuit. Last year, Berkshire Hathway sold its stake in Paytm. Brokerages like Jefferies and Motilal Oswal have downgraded Paytm shares.
Shares of One97 Communications Ltd, which owns Paytm brand, plummeted 20 per cent on Thursday as the RBI directed Paytm Payments Bank Ltd (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. RBI Action Against Paytm: Finance Tech Company Shares Slump 20%; Hit Lower Circuit Limit Amid Restrictions on Its Payments Bank.
"We are genuinely overwhelmed by the support that we have received from various banks, large banks of this country, and those who are already partners. More regional and large banks have reached out at a very senior level to say that they will be very happy to help us," Vijay added. Paytm Accelerating Partnership With Other Banks, Says CEO Vijay Shekhar Sharma; Removing Dependency on Paytm Payments Bank.