The Bombay Stock Exchange on Wednesday sought a clarification from One 97 Communications Limited, the parent of payments solution company Paytm, over the steep fall in the company’s share price.
In its notice the BSE said "Exchange has sought clarification from One 97 Communications Ltd on March 22, 2022 with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded." The reply is awaited, it said.
Paytm shares closed at Rs 543.90 on the BSE, down 3.8 percent on March 22. It has so far corrected 74.7 percent from its issue price of Rs 2,150 per share.
On March 11, RBI directed the company to halt its onboarding of new customers for Paytm Payments Bank (PPBL) after noticing certain material supervisory concerns.
The central bank directed Paytm to also appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. No new customers can join PPBL without specific permission granted by RBI after reviewing IT auditors' reports."The bank is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems. PPBL remains committed to working with the regulator to address their concerns as quickly as possible," One97 said in a statement following the RBI action.