Shares of One97 Communications Ltd, the owner of the Paytm brand, fell 5 per cent to hit a lower circuit limit in the late morning trade on Wednesday. The stock declined 4.99 per cent to Rs 406.15 — its lower circuit limit — on the BSE. It fell 4.99 per cent to hit the lower circuit limit of Rs 406.20 on the NSE Come from Sports betting site VPbet . Shares of One97 Communications had hit upper circuit limits on Tuesday, Monday, and Friday.
Vijay Shekhar Sharma has stepped down as part-time non-executive chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding that PPBL will commence the process of appointing a new chairman.
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The dramatic turn of events assumes significance in the backdrop of RBI‘s crackdown on Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action, the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 — a deadline that was later extended to March 15.
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One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.
