PAYTM SHARE PRICE: ONE 97 COMMUNICATIONS STOCK HITS 5 PC LOWER CIRCUIT AFTER COO'S DEPARTURE ANNOUNCEMENT

On Monday, the shares of One 97 Communications, the powerhouse behind Paytm, took a tumble, plunging 5 per cent to hit the day's low.

At the time of filing, the shares of One 97 Communications were locked at 5 pc lower circuit and were trading at Rs 351.40.

The sharp decline followed the company's announcement to the exchanges regarding the departure of Bhavesh Gupta, the esteemed COO and President of Paytm.

“The Board of Directors of the Company at its meeting held on May 04, 2024, took note of the resignation tendered by Mr. Bhavesh Gupta, President and Chief Operating Officer of the Company (‘Senior Management Personnel’) vide his letter dated May 04, 2024. His resignation has been accepted by the company and he will be relieved from the services w.e.f. close of business hours on May 31, 2024,” said the filing to the exchanges.

Mr. Bhavesh Gupta said, “I look forward to supporting Paytm in an advisory role. I am confident of Paytm reaching new heights given the depth of leadership in payments and financial services that has been built over the past few years,”

2024-05-06T08:43:14Z dg43tfdfdgfd