BSE asks Paytm to explain steep fall in stock price: Report

The Bombay Stock Exchange (BSE) has sought a clarification from One 97 Communications, the parent of digital payments firm Paytm, regarding significant movement in share price, according to news reports.

The stock price of Paytm has nosedived 18 pecent in the last five session after the Reserve Bank of India (RBI) banned Paytm Payments Bank from adding new users. The stock has lost 74.72 per cent of its value over its issue price of Rs 2,150.

"Exchange has sought clarification from One 97 Communications on March 22, 2022 with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded," BSE said. "The reply is awaited", it added.

One 97 Communications has responded to BSE's query. It said "We would like to inform you that our Company has been complying with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and have, from time to time, made all necessary disclosures to the Stock Exchanges within stipulated timeline. Further, as on date, there is no information/ announcement, which in our opinion may have a bearing on the price/ volume behaviour in the scrip of the Company and which is yet not disclosed to the Stock Exchanges."

"The Company would also like to point out the business fundamentals remain robust as demonstrated in our last earning release dated February 04, 2022," it added.

Published on: Wednesday, March 23, 2022, 09:49 AM IST