Paytm shares tank 7%, down 16% in 2 days. Here are key reasons

Shares of One 97 Communications Ltd (Paytm) fell nearly 7 per cent in Friday's trade after the recent commentary by the Reserve Bank of India (RBI) where the apex bank clarified that the action on Paytm Payments Bank was taken due to persistent non-compliance. Reports suggesting resignation by a Paytm Payments Bank director, EPFO putting restrictions on deposits and credit transactions of subscribers’ EPF accounts held in Paytm Payments Bank accounts also weighed on the counter. 

Another report suggested that the RBI would meet with NPCI to finalize modalities for the migration of merchants and consumers from crisis-hit Paytm. Paytm shares fell 6.95 per cent to hit a low of Rs 416 on BSE. That said, the stock recovered  some ground and was down 4.99 per cent at Rs 424.80 later. A report that Paytm was closing in on a deal to acquire an ONDC platform restricted some downside.

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