Paytm shares: The stock of One97 Communication, the parent company of Paytm, experienced a 4% decline, dropping to an intra-day low of Rs 388 following the resignation of Surinder Chawla, the MD & CEO of Paytm Payments Bank.
In an exchange filing, the company stated that Chawla submitted his resignation citing personal reasons and a desire to “explore better career opportunities.” Chawla is scheduled to be relieved from his responsibilities on June 26th. -Paytm shares
“In line with previous announcements, the Company has terminated almost all agreements with PPBL, as disclosed on March 1, 2024. Furthermore, the board of PPBL has undergone reconstitution, now comprising five independent directors, including an Independent Chairperson, and no nominees from the Company, as disclosed on February 26, 2024. Continuing our commitment, the Company is actively collaborating with banking partners to bolster our merchant acquiring and UPI services,” the company stated in the filing.
The stock of One97 Communications has been on a downward spiral ever since the RBI intervened with Paytm Payments Bank. Presently, the company functions as a third-party UPI service provider, similar to competitors PhonePe and Google Pay.
Over the past five days, the share price of Paytm has declined by 4.5%, and it has plummeted by more than 58% in the last six months. Investors have witnessed a nearly 40% erosion in their wealth from Paytm stock over the past year and a staggering 75% decrease over the past five years.
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In contrast, the benchmark Nifty 50 has experienced an increase of 0.8% over the last five days and a growth of over 15% in the past six months. Investors in the index have seen returns of 29% over the past year and an impressive 95% over the past five years, nearly doubling their investments.
