Shares of Paytm fell 20 per cent on Thursday. The stock fell 20 per cent to Rs 608.80 on the BSE. The decline came after the RBI ordered closure of the ‘nodal account’ of Paytm Payment Services at the earliest.
Paytm shares fell after RBI directed Payments Bank Limited to stop accepting any customer account, deposit in wallet or top up.
The stock fell 20 per cent to Rs 608.80 on the BSE. On the NSE, it plunged 19.99 per cent to hit the day’s minimum trading high of Rs 609. The company’s market capitalization (m-cap) also declined by Rs 9,646.31 crore to Rs 38,663.69 crore in early trade.
RBI said in a statement that this instruction has been given after continuing non-compliance concerns. RBI also said that the ‘nodal account’ of Paytm Payments Services should be terminated at the earliest before February 29, 2024 in any case. OCL holds a 49 per cent stake. The RBI order will impact the company’s annual operational profit by Rs 300-500 crore.