Paytm Shares Sink 12 Percent To Rs 672: The condition of Paytm, the parent company of One97 Communication, which provides online payment service, is in bad shape.
On Monday, its share price fell 12 per cent to reach an all-time low. After this fall, the price of one share of Paytm fell to Rs 672. This is the first time that its stock has fallen below Rs 700.
The condition of Paytm, the parent company of One97 Communication, an online payment service provider, is in shambles. Its investors are not taking the name of improving their days.
After the listing in the shares of Paytm, which brought an IPO of 18000 crores, the downward trend continues. On Monday, its price fell by 12 per cent to reach an all-time low.
So far 70 per cent broken
Price, due to the fall in the price of Paytm's share, on Monday, its price fell to Rs 685. This is 70 per cent less than its issue price. Let us tell you that ever since the listing of Paytm's shares, there has been a decline in it.
It's price has come down continuously since its listing, breaking about 9 per cent from the issue price of Rs 2150 and now its price has come down to Rs 672 per share.
It is worth noting that only last week, Paytm had suffered a major setback. The Reserve Bank of India (RBI) had stopped Paytm Payments Bank from making new customers.
Along with this, RBI had also ordered an IT audit of the company. The central bank had said that the next decision would be taken only after reviewing the report. This is being considered a big setback for Paytm.
So far so much loss to investors
The listing of Paytm's shares in the stock market took place on November 18 last year. The company's investors have suffered a loss of Rs 1,465 per share so far due to the subsequent fall.
After the market opened on Monday, the stock of Paytm had also fallen to a low of Rs 672.10 at one time. This is now the new historical low level of Paytm stock and this is the first time that the price of Paytm stock has come below Rs 700.
A source with knowledge of the matter said that Paytm Payments Bank may submit the application for the small finance bank by May-June this year. Vijay Shekhar Sharma, chairman of Paytm Payments Bank, has a 51% stake in this company.
However, it is not yet known why RBI has taken this action on the company. RBI has so far only said that this step has been taken in view of certain supervisory concerns.