Despite climbing 5% in the morning session on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), shares of Paytm owner One97 Communications Limited concluded Tuesday’s trading session down.
One97 Communications’ shares closed at ₹427.50 on the BSE, down 0.11%, and at ₹426.95 on the NSE, down 0.27%.
The fintech major’s stock had risen 4.98% to ₹449.30, its upper circuit limit, earlier in the morning session on the BSE; the company’s stocks had risen 4.99% to ₹449.50, the highest trading permitted limit for the day, on the NSE.
The demonstration occurred the day after One97 Communications Limited founder and businessman Vijay Shekhar Sharma resigned as the bank’s board member and part-time non-executive chairman of Paytm Payments Bank Limited (PPBL).
A document announcing Sharma’s departure states that the board has been reorganised and that PPBL will begin selecting a new chairman.
Since the Reserve Bank of India (RBI) took several actions against Paytm’s banking division, PPBL, on January 31 owing to “persistent non-compliances,” the company has been in financial distress. One of the measures was PPBL’s inability to take on new clients after February 29.
Later, the deadline was moved to March 15.