One97 Communications shares decline 5 pc; hit lower circuit limit

Shares of One97 Communications, Paytm’s parent company, declined 5 per cent on Monday after its president and chief operating officer Bhavesh Gupta resigned from the company.

The fintech firms’ stock tanked 4.99 per cent to Rs 351.70 — its lower circuit limit — on the BSE.

On the NSE, it dropped 5 per cent to Rs 351.40 — the lowest trading permissible limit for the day.

Paytm’s parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said on Saturday.

Gupta was steering the lending business, online and offline payments, and compliances, among others, at Paytm. Verticals, headed by him, were adversely impacted by the RBI’s ban on Paytm Payments Bank (PPBL) from carrying on new transactions.