Paytm Shares decline 4% after Payment Bank CEO resigns
Paytm Shares declined 4% on intraday trade on BSE after Paytm Payments Bank Limited’s CEO and Managing Director Surinder Chawla submitted his resignation on 8th April 2024. The market capitalization of the company fell by Rs.463.84 crore during trade in the morning.
Surinder’s resignation comes nearly a month after Paytm Payments Bank ceased basic banking services following Reserve Bank of India directives.
One97 Communications in a regulatory filing said, “Managing Director and CEO of PPBL has submitted his resignation due to personal reasons and to look for better career possibilities. He will be removed from PPBL at the close of work hours on 26th June 2024, unless changed with mutual agreement.”
After Paytm Payment Bank received approval from RBI, Surinder Chawla joined the company last year in January.
Reserve Bank of India as of January 31 in an action against PPBL directed it to suspend onboarding of new customers with immediate effect which means to stop accepting any deposits and top-ups in any consumer accounts, FASTags, Wallets and other instruments after 29th February. The deadline given to Paytm Bank was later extended to 15th March 2024.
In the last 5 days, the share price of paytm has fallen 4.5% and more than 58% in the last 6 months. Almost 40% of Paytm investor’s wealth was wiped out in the previous year and 75% in the last 5 years.
