Paytm Shares Down at Lower Circuit Of 10% On BSE

Paytm Shares Down at Lower Circuit Of 10% On BSE

In the lieu of the restrictions placed on the company by RBI, Paytm slumped by 10 per cent trading at Rs 438.35.

IANSUpdated: Monday, February 05, 2024, 01:22 PM IST
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Paytm in trouble | Image credit: Wikipedia (Representative)

The shares of Paytm were down 10 per cent at lower circuit on BSE. Paytm shares were trading at Rs 438.35 down 10 per cent. One97 Communications Limited (OCL / Paytm / Company) set out the Company's position and directly addressed rumors in the recent misleading media reports about the Company and its associate, Paytm Payments Bank Limited (PPBL / Bank). The company categorically denied any investigation by the Enforcement Directorate on OCL, or associates and/or its Founder & CEO for anti-money laundering activities. "Neither the Company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering.

Paytm Tries to Assuage Its Users

In the past, certain merchants/users on our platforms have been subject to enquiries and on those occasions, we have always cooperated with the authorities. During any such investigations by the authorities on any set of merchants/users in the past, we have cooperated with them on these investigations. This has been previously disclosed to the stock exchanges. We would like to set the record straight and deny any involvement in anti-money laundering activities. We have and continue to abide by Indian laws and take regulatory orders with utmost seriousness", the company said. "There are other stories in various media, including social media, which are spreading speculation and misinformation on the reasons for RBI action on Paytm Payments Bank. The recent direction from RBI is a part of the ongoing supervisory engagement and compliance process. For this action, we refer our stakeholders to the official press release of RBI dated January 31, 2024 and not rely on unofficial sources. We are exploring all options to ensure that our stakeholders are protected from unwarranted and speculative stories", the company said. 

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