Skip to main content

Posts

Showing posts with the label RBI

Paytm Shares Plunge 20% Amid Regulatory Crackdown by RBI

Paytm's shares experienced another staggering 20% decline on Friday, triggering the lower circuit mechanism that temporarily halts trading, as the Indian financial services giant grapples with the repercussions of regulatory measures imposed by the central bank. Within minutes of the market opening, Paytm plummeted to 487 Indian rupees, equivalent to $5.88, marking its lowest point in 55 weeks. This decline follows a 20% drop in Paytm shares observed on Thursday. With a current market capitalization of $3.73 billion, Paytm has witnessed a staggering $2.1 billion reduction in its market capitalization over the course of just two days. The Reserve Bank of India (RBI) significantly expanded its restrictions on Paytm's Payments Bank this week, which handles transactions for the financial services conglomerate, prohibiting it from offering various banking services, including the acceptance of fresh deposits and credit transactions across its services. In response, Paytm announced pl