Shares of Paytm parent company One97 Communications slumped more than 4 per cent to Rs 320 per share on Wednesday. This is close to its all-time low of Rs 318 on February 16 after RBI put curbs on the company's banking arm.
The latest decline in shares comes after the company revealed that One97 Communications President and Chief Operating Officer Bhavesh Gupta resigned from the company.
UPI transactions of Paytm declined since February, marking a downward trend for three straight months. In April, Paytm recorded 1,117.3 million transactions compared to 1,230.04 million in March, which translates to a 9 per cent dip.
Paytm's market share in the UPI ecosystme also shrank, with the numbers coming down from 10.8 per cent in February to 9.13 per cent in March and further tumbling to 8.4 per cent in April.
The dip is also attributed to Aditya Birla Finance invoking loan guarantees over repayment default by customers, according to Moneycontrol. Other lenders, including Piramal Finance and Clix Capital had severed ties with Paytm following RBI restrictions on Paytm Payments Bank.
