NEW DELHI: Shares of One97 Communications Ltd, the entity behind Paytm, experienced a decline of more than 2.50% during Saturday’s special trading session. This drop came in the wake of the Financial Intelligence Unit imposing a penalty of Rs 5.49 crore on Paytm Payments Bank.
The BSE and NSE, prominent stock exchanges, organised a special trading session in the equity and equity derivative segments on Saturday. The purpose was to assess their readiness in managing significant disruptions or failures at the primary site.
The company’s stock declined by 2.56% to settle at Rs 414.55 each on the BSE. At its lowest point during the day, the stock dropped by 3.61% to Rs 410.05.
On the NSE, it declined by 2.13% to Rs 414.40 per share.
One97 Communications shares surged by 5% on Friday after the announcement that the board has sanctioned the termination of inter-company agreements with Paytm Payments Bank to diminish dependencies.
Adding to the challenges for Paytm Payments Bank, the Financial Intelligence Unit (FIU) imposed a penalty of Rs 5.49 crore on the payments bank for violating anti-money laundering laws, as disclosed by the finance ministry on Friday.
Paytm Payments Bank Ltd (PPBL) has been facing challenges after the Reserve Bank instructed it to cease accepting new deposits from customers, initially effective from February 29. This deadline was subsequently extended to March 15.
In a recent development, Vijay Shekhar Sharma stepped down from his position as part-time non-executive Chairman of PPBL, leading to the restructuring of the bank’s board earlier this week.
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The finance ministry announced that FIU-India initiated a review of Paytm Payments Bank upon receiving specific information from law enforcement agencies regarding certain entities and their business networks involved in illegal acts. These activities include orchestrating and facilitating online gambling.
(With agency inputs)
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