Amid the growing uncertainty surrounding its business, Shares of One 97 Communications Ltd, the parent entity that owns and operates the Paytm brand, fell more than 7 per cent on Thursday.
A House In Disarray
Earlier, it started the day's trade at 5 per cent below yesterday. It is currently trading at the rate of Rs 463 per share. This, as each individual share of Paytm was worth Rs 493 on Wednesday. Over the past 5 days, the shares of the company has declined by 4.89 per cent.
Meanwhile, since RBI imposed restrictions on Paytm on January 31, the app has witnessed a decline in downloads. According to data from AppTweak, Paytm recorded approximately 12.4 lakh downloads in the week following the restrictions, a drop from the 17.7 lakh downloads in the previous week.
It's competitors makes the most of the crisis
It's competitors have reaped benefit out of this fiasco, primarily by PhonePe, owned by Walmart. The app experienced a 40 per cent increase in downloads post-January 31, totaling 3.75 million downloads between February 1-6 across Google Play Store and Apple's App Store.
On its part the company has tried its best to assuage the situation at hand, by informing it's customers about it's business, and most importantly, the services, that will be open and available after February 29.
