BSE Changed Daily Limit: Bombay Stock Exchange (BSE) has reduced the daily limit due to the huge fall in Paytm shares. BSE has now increased the new limit on Paytm shares to 10 percent. Till now it was 20 percent. After the strict action by RBI on Paytm Payments Bank, Paytm Shares had fallen by almost 40 percent on Thursday and Friday. This decision of BSE will provide great relief to the troubled fintech company.
Paytm shares hit lower circuit in two trading sessions
Reserve Bank of India had taken action against Paytm Payments Bank for violation of several rules on the basis of audit report. The bank is accused of violating the KYC rules of customers. RBI had said that this was creating many dangers including money laundering. The stock exchange said on Saturday that Paytm shares had hit the lower circuit in the last two trading sessions. Due to this, the daily limit on shares of fintech company has been reduced. Now the company's shares can go up or down only by 10 percent.
Drowned in two days 45 thousand crore rupees
Paytm's parent company One 97 Communications had said in an exchange filing on Thursday that it will pursue partnerships with other banks instead of Paytm Payments Bank. The company's CEO Vijay Shekhar Sharma had said that it will continue the digital wallet business. For this, cooperation of some other bank will be taken. On Thursday and Friday the company had lost approximately Rs 45 thousand crores. Paytm shares closed at Rs 487.2 on Friday. He has touched his record low. The market value of the company has dropped to $3.7 billion.
Investigation can be handed over to ED
According to Reuters report, Revenue Secretary Sanjay Malhotra has said that if allegations of financial misappropriation come to light against Paytm Payments Bank, then its investigation can be handed over to ED (Enforcement Directorate).
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