Online payment service company Paytm has suffered a big loss in the last two days.
As soon as the market opened on Thursday and Friday, Paytm shares hit a lower circuit of 20% every day.
According to Bloomberg, in these days alone the market cap of parent company One97 Communication decreased by $ 2 billion.
During this period, Paytm's shares fell 40 percent to Rs 487 and in two days the company lost more than Rs 16,000 crore in Indian Rupees.
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According to the report, Paytm stock price is now about 77% below the issue price of its IPO in 2021.
This big fall in Paytm stocks has actually come due to the action taken against the company by the Reserve Bank of India (RBI).
RBI has banned Paytm Bank from adding new customers and this will come into effect from February 29 onwards.
Along with this, the bank will not be able to accept deposits/top-up in any customer's account, wallet or Fastag after 29 February 2024.
Meanwhile, it has been said in the Paytm conference that the operations should be completely normal by the beginning of March.
According to One97 Communication, it is accelerating plans to partner with other banks.
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