Paytm hits lower circuit, shares down 20% after RBI’s restrictions

A day after the Reserve Bank of India (RBI) announced curbs on Paytm Payments Bank Limited’s (PPBL) services, shares of its parent One97 Communications (OCL) on Thursday hit the lower circuit.

The RBI has barred Paytm from accepting deposits or top-up customer accounts, wallets, FASTags, and other instruments after February 29 citing “persistent non-compliance” and “material supervisory concerns”.

Its stock ended Rs 609, after hitting 20 per cent lower trading limit within minutes of opening.

Several analysts downgraded the stock fearing adverse impact of the RBI order.