Paytm said PPBL's future business would be led by a reconstituted board, which would be led by ex-Central Bank of India Chairman Srinivasan Sridhar and retired IAS Debendranath Sarangi, among others
Paytm withdrew its nominee from the Paytm Payments Bank board and its founder Vijay Shekhar Sharma stepped down as part-time non-executive Chairman and board member of the associate company.
The Paytm stock hit its 5 per cent circuit limit at Rs 449.30 on BSE. With this, the stock has risen 41 per cent from a low of Rs 318.35 hit on February 16.
The stock was locked at its 5 per cent upper circuit limit of Rs 407.60 on BSE. Earlier today, the Reserve Bank of India (RBI) permitted bank and non-bank managed prepaid payment instruments to make payments across various public transport systems.
Earlier, Paytm shares hit 5 per cent upper circuit during three consecutive trading sessions. The shares closed at Rs 376 a piece on Wednesday (February 21).