A major blow has been dealt to Paytm as the Enforcement Directorate (ED) has initiated an investigation into allegations against Paytm Payments Bank.
The ED has commenced a preliminary probe against Paytm Payments Bank, but according to media reports, this information has not been officially documented.
There was a 10 per cent drop seen in the shares of One97 Communications Limited, the parent company of the Paytm brand, and it hit the lower circuit.
After this decline, Paytm's shares fell to an all-time low-level today. The shares reached a low of Rs. 342.15 per share today, which is also the lowest level in the last 52 weeks.
Shares of One97 Communications have dropped below Rs. 350 for the first time in both major stock markets, showing a decline of over 55% from its 52-week high.
In October, Paytm's shares were at a level of Rs. 761.20, and today's low for Paytm stands at Rs. 342.15, reflecting a straight 55% reduction in the market value of Paytm shares.
For the first time on Tuesday, Paytm's shares were seen below Rs. 400 levels, and today, they have fallen even below Rs. 350.
Paytm is currently facing challenges from all sides as the Reserve Bank of India denied reviewing any action against Paytm Payments Bank on Monday.
On the evening of January 31st, a nightmare unfolded for Paytm as the Reserve Bank of India (RBI) ordered the majority of Paytm Payments Bank's services to cease after February 29th.
Under this directive, the RBI instructed Paytm's unit, Paytm Payments Bank Limited (PPBL), not to accept deposits or top-ups in any customer accounts, prepaid products, wallets, or fastags after February 29th, 2024.
