Paytm slips 6% on questions over CEO reappointment, regulatory fears

Shares of India’s digital payments firm Paytm fell 6.2% on Friday, hit by a proxy advisory firm’s opposition to the reappointment of its chief executive officer and the central bank’s guidelines for digital lending apps.

Institutional Investor Advisory Services has said it opposes the reappointment of Vijay Shekhar Sharma as CEO and managing director at the annual general meeting next week.

“Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however these have not played out. We believe the board must consider professionalizing the management,” IIAS said in a report dated Aug. 9.