Paytm Shares Fall 20%: Reputation Damage After RBI, Brokers Downgrade

Paytm Shares: There has been a huge fall in Paytm’s stock in the market today. Paytm shares have reached lower circuit with a fall of more than 20%. The share opened today at Rs 609. RBI has imposed restrictions on deposits and credit on Paytm Payment Bank from February 29.

Paytm shares are seeing a huge fall today along with One 97 Communications Ltd. Paytm’s shares have declined by more than 20% as soon as the market opened. There is a rush to sell it. Paytm shares opened today at Rs 609. Due to this decline, the Reserve Bank of India has banned Paytm Payments Bank Limited from accepting deposits or top up in Fastag on customer accounts, wallets.

The Reserve Bank has taken this step under Section 35A of the Banking Act, 1949. Now, no deposit or credit transactions or top up will be allowed in any customer’s accounts, prepaid instruments, wallets, Fastag, NCMC cards etc. from Paytm Bank Limited.

Shares continue to fall:
Paytm shares are continuously showing weakness. Yesterday on Wednesday, the third trading day of the week, the shares remained sluggish and closed at Rs 761 at the end of trading. During trading, the share price fell slightly and reached a high of Rs 774. Let us tell you that on October 20, 2023, the share had touched a 52-week high of Rs 998.30.

Stock on Lower Circuit:
Paytm shares are seeing a lower circuit of 20% today. Paytm Payment Bank has been banned by RBI from February 29 regarding deposits and credit. According to the report, due to this, Paytm may suffer a loss of Rs 300 crore to Rs 500 crore. On Wednesday, Paytm shares closed at the level of Rs 761.

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