Paytm nears record low, market value down about $2.5 billion since RBI crackdown
The Hindu
Paytm shares slump 10% to near record low as regulatory crackdown on banking unit continues.
Shares of Indian digital payments firm Paytm slumped 10% to a near record low on Monday, extending a rout from last week triggered by a regulatory crackdown on its banking unit.
Paytm has lost about $2.5 billion or about 43% of its market value since the Reserve Bank of India (RBI) told Paytm Payments Bank on Wednesday to stop accepting fresh deposits in its accounts or popular wallets from March.
The stock fell by its daily trading limit to ₹438.5 ($5.28) on Monday, just shy of the previous all-time low of ₹438.35 hit in November 2022.
RBI's order, which has far-reaching consequences for how India's most popular digital payments app Paytm operates, led to a 20% drop in the stock — its daily maximum at that time — on Thursday and Friday.
Paytm is in exploratory talks with HDFC Bank and Jio Financial Services to sell its wallets business, which is housed under Paytm Payments Bank, the Hindu Business Line newspaper reported on Monday.
Paytm, HDFC Bank and Jio Financial did not immediately respond to Reuters' requests for comment.
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