Paytm shares further tank nearly 13 pc; market cap tumbles Rs 11,809 crore in two days

New Delhi: Shares of One97 Communications Ltd, the parent firm of Paytm, further tanked nearly 13 per cent Tuesday.

The stock tumbled 12.28 per cent to settle at Rs 592.40 on the BSE. During the day, it skidded 13.37 per cent to Rs 585 — the lowest since its listing in November last year.

On the NSE, it plunged 12.71 per cent to settle at Rs 589.

Shares of One97 Communications had on Monday declined nearly 13 per cent after the RBI asked Vijay Shekhar Sharma-promoted Paytm Payments Bank to stop opening new accounts amid “material supervisory concerns” observed in the bank.

In two days, the company’s market valuation plunged by Rs 11,809.43 crore to Rs 38,418.57 crore on the BSE.

“Reserve Bank of India has, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers,” the central bank said in a statement on Friday.

This is the third time that Paytm Payments Bank is facing action from the central bank since its inception in May 2017. It has been prohibited from opening new accounts for the second time.

PTI