PAYTM SHARES DECLINE 5% AFTER COO BHAVESH GUPTA RESIGNS, HITS LOWER CIRCUIT LIMIT

Shares of Paytm's parent company, One97 Communications, has declined 5 per cent on Monday (May 6) after its President and Chief Operating Officer (COO) Bhavesh Gupta resigned from the company.

The fintech firms' stock tanked 4.99 per cent to Rs 351.70 to hit the lower circuit limit on the BSE. On the NSE, it dropped 5 per cent to Rs 351.40.

As a part of his responsibility, Gupta was steering the lending business, online and offline payments, and compliances. Verticals, headed by him, were adversely impacted by the RBI's ban on Paytm Payments Bank (PPBL).

Gupta has now moved into an advisory role. Gupta will continue to support Paytm as an advisor in the CEO office after May 31, 2024, Paytm said.

“One97 Communications Limited (OCL) that owns the brand Paytm is expanding its leadership team to build a large and profitable payment and financial services distribution business. This move is aligned with its ambition to ensure Paytm’s sustained growth across key business verticals, fostering innovation and strengthening its group structure for sustainability and regulatory compliance," the statement by the company said.

Paytm further added that Varun Sridhar, former head of Paytm Money Ltd, now leads as CEO at Paytm Services Pvt Ltd (PSPL), a subsidiary dedicated to distributing mutual funds, and other wealth management products.

 

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2024-05-06T07:40:38Z dg43tfdfdgfd