05-Feb-2024
2 mins read
The stock exchange has cut the daily trading limits of Paytm stock from 20% to 10%. In the last two trading sessions the share price of Paytm has corrected 40% and hits 2 lower circuits of 20% each on consecutive days.
Today, on February 5, 2024, the Paytm share price again opened gap down and hit a lower circuit of 10%. Presently, the stock price is at Rs 438.50 near to November 2022 lows which is raising concern for the long term investors.
Paytm CEO Assures Job Safety to Employees
At the time of the on-going crisis in Paytm, company’s CEO Vijay Shekhar Sharma came forward and assured that there will be no layoffs. As the company continues the talk with RBI and many other banks for cooperation and partnerships.
Sharma said during the virtual town hall with Paytm Payments Bank employees, “ You are a part of the family and there is nothing to worry about. Many banks are helping us”
While addressing 900 employees on call, the CEO said, “We are not completely sure of things like what exactly went wrong, But we will figure out everything soon. We will reach out to RBI to see what can be done”
The meet came after three days of RBI imposes restrictions on Paytm Payments Bank. Since then, the major fintech companies who rely on Paytm Bank for their several products and services are looking for partnerships with other banks.
It’s been a hectic week for Paytm, especially for the customer service team, they are continuously dealing with the customer calls.
What Paytm Employee Said?
An employee working in the executive product team said, “People are not scared. We always expected the RBI to say something but not outright ban”. Changes are going on from the last 6 months among the teams to comply with norms. Like we separated, Paytm Payments Bank Logo and Paytm App Logo.