Paytm shares fall 4% after Paytm Payments Bank CEO resigns
Surinder Chawla has resigned as Managing Director and CEO of Paytm Payments Bank, an associate entity of Paytm.
Surinder Chawla has resigned as Managing Director and CEO of Paytm Payments Bank, an associate entity of Paytm.
Two major developments in the past week have fuelled a rally in stock hit by RBI’s latest decision against its associate entity
The fintech stock has lost 53% since January 31, 2023, while its market cap has fallen over ₹25,500 crore in the last 13 sessions.
The fintech major will further expand its high-ticket personal and merchant loan business, while it will reduce small-ticket postpaid loans of less than ₹50,000.
The shares of Paytm parent, One97 Communications, declined as much as 4.6% to hit a low of ₹880, with 8.7 lakh shares changing hands on the BSE.
On Wednesday, Paytm shares declined as much as 4.6% to hit an intraday low of ₹825.35 on the BSE.
The Paytm stock ended the day at ₹542.25 on the BSE, down 6.4%.
The total loan disbursements grew 357% YoY to ₹9,958 crore, while the number of loans grew 117% YoY to 0.37 crore in Q3 FY23.
On Wednesday, shares of One 97 Communications gained as much as 5.5% to hit an intraday high of ₹541.50 on the BSE.
The board of Paytm has approved a share buy back plan at ₹810 apiece, a premium of 50% as compared to current market price, to encourage shareholders to sell the shares back to the company.