One 97 Communications Ltd (Paytm's parent) informed exchanges that Nakul Jain, chief executive officer (CEO) of its wholly-owned subsidiary Paytm Payments Services Ltd (PPSL), has quit to pursue an entrepreneurial journey.
"Our wholly-owned material subsidiary company informed us on January 27, 2025, that Nakul Jain, managing director and CEO of PPSL, has resigned from his position w.e.f., close of business hours on March 31, 2025, or an earlier mutually agreed date. Jain has decided to pursue an entrepreneurial journey, which has led him to this decision. PPSL is actively working on identifying a suitable replacement and will announce the new appointment in due course. In the interim, PPSL remains focused on driving its growth and continuing to meet its business objectives," the fintech player stated in a BSE filing.
"As informed on August 28, 2024, PPSL received approval from the Government of India, Ministry of Finance, Department of Financial Services, via its letter dated August 27, 2024, for downstream investment from the company into PPSL. Post the FDI approval, PPSL has resubmitted its PA application. While it awaits the approval of the application, PPSL continues to provide payment aggregation services to its existing online merchants," it also said.
Separately, Paytm said it has launched the "Receive Money QR Widget" for Android users. "With this new innovative feature, users can quickly show the QR code for receiving money from their phone’s home screen itself, without having to open the Paytm app first. After receiving a positive response from iOS users, Paytm has extended the 'Receive Money Paytm QR Widget' to Android," it added.
On the stock-specific front, Paytm shares extended their fall for the third consecutive session today. The counter slipped 2.10 per cent to hit a day low of Rs 763.80. It was last seen trading just 0.10 per cent lower at Rs 779.40.
A few technical analysts suggested that the counter looked 'bearish' in the near term. Support could be seen in the Rs 770-760 range.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The near-term outlook appears negative for Paytm. In terms of resistance levels, there is a series of barriers between Rs 820 and Rs 850, with the Rs 890-900 range acting as a strong hurdle for any upward movement. Conversely, if the stock falls below Rs 770, it could trigger a new wave of selling, potentially pushing the price down toward the Rs 720-700 zone in the near term."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be Rs 760 and resistance at Rs 790. A decisive move above Rs 790 level may trigger a further upside of Rs 825. The expected trading range will be between Rs 780 and Rs 825 for the short-term."
Sebi-registered research analyst AR Ramachandran said, "Paytm is bearish on daily charts with strong resistance at Rs 807. A daily close below support of Rs 763 could lead to a downward target of Rs 706 in the near term."
On the earnings front, the digital payments firm reported a narrower loss, at Rs 208 crore, in the December 2024 quarter compared to Rs 222 crore in the corresponding quarter last fiscal. Revenue for the quarter fell 36 per cent year-on-year (YoY) to Rs 1,828 crore from Rs 2,850 crore in the year-ago period.