New Delhi, May 8 (IANS) The shares of Paytm have crashed about 50 per cent this year, amid high-profile exits, the RBI ban on certain businesses of Paytm Payments Bank Ltd (PPBL), and fresh reports about some lending partners revoking loan guarantees due to repayment defaults from customers.
The Paytm stock closed at Rs 317.15 on Wednesday, a decline of another 5 per cent and breaking its all-time low of Rs 318 on February 16 this year.
As the share price continues to hit the lower circuit amid fresh uncertainties, the market capitalisation of One 97 Communications, the parent company of Paytm, has declined to about $2.5 billion.
The digital payment services major was once valued at nearly $20 billion, at the time of its initial public offering (IPO) in 2021. The stock has been tumbling since then, especially since January this year, when the Central Bank acted against certain businesses of the Paytm Payments Bank.
Meanwhile, top-level exits continue at Paytm.
Ajay Vikram Singh, chief business officer (CBO) of the UPI and user growth vertical, Bipin Kaul, CBO of offline payments, and Sandeepan Kashyap, CBO of the consumer payments vertical, have stepped down amid “ongoing restructuring”.
These senior executives moved on after the sudden resignation of Bhavesh Gupta, President and COO at Paytm, who has taken a career break due to “personal reasons”, and will be transitioning to an advisory role.
Other senior exits at the company in recent months include Paytm Payments Bank MD and CEO, Surinder Chawla, One 97 Communications’ chief marketing officer, Sumit Mathur, and Praveen Sharma, senior vice president of business, according to reports.
Amid the upheaval, Paytm CEO Vijay Shekhar Sharma is now taking charge in a big way, to work directly with the new senior leadership.
“We are committed to ensuring sustained growth across key business verticals as we are going through a restructuring initiative that signals a reinvigorated approach under Paytm’s CEO. These changes are part of our approach to strengthen Paytm’s next line of leaders,” the company said in a statement.
The company plans to expand its leadership team to build a large and profitable payment and financial services distribution business. “These robust leaders will work directly with the CEO and other senior management leaders fostering innovation and strengthening the group structure for sustainability and regulatory compliance,” according to the company.
–IANS
na/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
