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Paytm got another big blow after RBI ban, shares fell by 20 percent

Paytm Payments Bank Limited (Paytm) is not allowed to accept deposits or top-ups in any customer account, prepaid device, wallet, Fastag, etc. after February 29, 2024, according to a Wednesday directive from the Reserve Bank of India (RBI). Paytm has been subject to action by RBI due to rule violations.

#Paytm plunges 20% at lower circuit after #RBI restrictions

Read: https://t.co/DxEZqgbRGq pic.twitter.com/VTqU7AFnFg
— IANS (@ians_india) February 1, 2024

Paytm has taken yet another significant hit as a result of this RBI intervention. Shares of Paytm dropped 20% on Thursday. On the BSE, the shares dropped 20% to Rs 608.80. In contrast, it dropped 19.99 percent on the NSE and hit the day’s minimum trading limit of Rs 609 there. We would like to inform you that the company’s market capitalization (MCAP) dropped to Rs 38,663.69 crore from Rs 9,646.31 crore in the first trade.

In a statement, the RBI stated that ongoing non-compliance concerns led to the issuance of this directive. The RBI further stated that, in any event, the Paytm Payments Services “Nodal Account” shall be closed by February 29, 2024, at the latest.

More than 1000 employees laid off in Paytm, Artificial Intelligence is the reason for layoffs

Paytm Layoffs: There has been news about the fintech firm Paytm, stating that the company has once again chosen to fire its staff. Simultaneously, indications of how artificial intelligence would affect employment have begun to appear. In this round of layoffs, Paytm reportedly let go of almost 10% of its whole workforce.

This time, One97 Communications, the parent firm of Paytm, reportedly let go of over 1000 employees, according to an ET report. According to the ET news, which cited two relevant sources, these layoffs occurred within the last few months, affecting workers from different Paytm divisions.

Paytm reportedly carried out this layoff to lower expenses and restructure its many companies.

Paytm’s decision to discontinue its “Buy Now Pay Later” service and exit the small loan market is thought to be the reason for this layoff. The Reserve Bank of India (RBI) recently released new guidelines aimed at curbing the nation’s rising amount of unsecured loans. Following this, banks’ ‘Buy Now Pay Later’ service—which is utilized for credit card issuance, personal loan distribution, and the purchase of the majority of electronics—has been impacted.

#Paytm lays off employees as it implements AI-powered automation

Read: https://t.co/8yHKpVoGLT pic.twitter.com/yjb7WElJt8
— IANS (@ians_india) December 25, 2023

Heavy fall in Paytm shares, shares below Rs 500 level

The terrible days of investors in Paytm, the nation’s top provider of digital payment services, do not appear to be ending in the hopes of positive results. One97 Communication, the parent company of Paytm, began listing on the day it was impossible to predict when it would stop. With a valuation of Rs 18,300 crore, it is the second-largest IPO in the nation to date. On Tuesday, Paytm’s stock plunged once more, dropping up to 8%.

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The stock came below the level of Rs 500

On Tuesday, the second trading day of the week, the stock market opened flat. In the meantime, Paytm’s stock started to decrease right away. By 10.30 am, the company’s shares had lost 7.86%, or Rs 42.20, and were trading below Rs 500. The shares are currently being traded at Rs 494.80. The price of Paytm’s shares peaked at Rs. 486 during the first round of trading. Shares of Paytm were down 9.08% and trading at Rs. 488.25 by 12:15 p.m.

Where did the stock price reach?

The pricing range for the Paytm IPO was set at Rs 2080 to Rs 2150 due to the issue size of Rs 18,300 crore. This IPO received a fantastic response from investors. However, since the shares were listed at a discount, the company has not been able to recoup from the share price decline. In November 2021, Paytm’s shares were floated on the stock market at Rs 1,950 with a 9% discount.

Paytm started 10 years ago

About ten years ago, Paytm was founded. Initially, the business was recognized as a platform for cellphone recharges, but under the direction of CEO Vijay Shekhar Sharma, the Paytm Paymate service experienced a meteoric rise following the 2016 demonetization. The BSE Sensex was trading at 61,299.17, up 154.33 points or 0.25 percent, while the NSE Nifty was trading at 18,200.95, up 41 points or 0.23 percent, as of the time the news was published in the stock market on Tuesday.

After PhonePe, Paytm recharging has become expensive! Surcharge being collected

Digital wallet payment just like this provides many conveniences to the people. But now the digital payment company Paytm has given a big blow to the users. If you recharge any mobile through your Paytm account then you will have to pay a surcharge.

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Actually, now mobile wallet Paytm is charging a surcharge on mobile recharge. Surcharges are being imposed on all payment methods like Paytm Wallet Balance and Unified Payments Interface (UPI) or bank credit and debit card transactions. Which can be between 1 to 6 rupees.

A surcharge has also been charged on mobile recharge by PhonePe before Paytm. The user from whom Paytm is currently charging surcharge is giving notification in the form of surcharge to those customers while recharging. Users of Paytm on Twitter claim that a surcharge has been added to digital wallet payments as a convenience fee. These surcharges apply to all transactions over Rs 100.

To increase revenue Paytm charges its users surcharges. According to a tweet by Paytm on Twitter, it will not charge a convenience fee or transaction fee to its customers on any type of payment, including UPI and Wallet. Similar to Paytm, PhonePe began charging surcharges in October. However, it could not be confirmed from both PhonePe and Paytm for what reason they are charging a surcharge.

Important: Paytm neither charges nor will charge any convenience or transaction fee from customers on using any payment method which includes Cards, UPI and Wallet. Read our blog for more. ⬇️
https://t.co/rfPp21MAx1
— Paytm (@Paytm) July 1, 2019

Paytm stock fell to Rs 910, heavy fall in stock market for 5th consecutive day

Amidst all-around selling, the stock market has declined for the fifth consecutive day. The Sensex fell more than 550 points after the market opened on Monday. In the meantime, Paytm’s investors’ plight is not improving. Paytm’s share price fell further to Rs 910 on Monday.

Paytm’s stock hits new record lows

Shares of Paytm’s parent company One97 Communications Ltd were trading 4.37 percent lower at Rs 917.95 at 10:15 am. A new 52-week low of Rs 909.05. was reached as a result of this. Paytm’s stock has been steadily declining since it was listed in the market after its recent IPO.

One month drop of 33%

Ever since the company entered the open market after its recent IPO, it has been losing money. It was the first time that Paytm‘s stock fell below Rs 1000 last week. Paytm’s stock fell by more than 33 percent during the last month.

Macquarie’s prediction is about to come true

Macquarie Securities India has recently set a new target price of Rs 900 for Paytm. Since it continues to decline, it seems that the firm’s estimate could be accurate. Macquarie is the first brokerage company to place a target price below Rs 1,200 on Paytm’s stock.

More than 57% has been lost by investors

Paytm’s parent company One97 Communications went public on 18 November 2021. The issue price was Rs 2,150. On the day of listing, there was a big fall in the stock. It fell to Rs 1,961.05. Since then, the stock price of the company has not reached the listing price. The investors who have invested in the IPO so far have lost more than 57 percent compared to the issue price.

Paytm’s ‘Tap to Pay Feature’ will make payment without internet easily, know about it

Paytm ‘Tap to Pay’ Feature: Using virtual cards from Paytm does not require you to connect to the Internet. This is a new service Paytm is offering to its users. Paying with your debit or credit card will be as easy as tapping your device. In stores, you can tap your phone and make payments with your Paytm registered card.

The transaction will be faster

Even without internet access, this service can be used to pay with a card registered on Paytm with a single tap. Using this service is possible on both Android and iOS devices. The ‘Tap to Pay’ service will make payments easier and faster. In order to use this service, you need to activate your virtual card in order to make payments using Paytm All in One POS devices and POS machines from other banks.

You can use the digital card you receive in service at retail stores to facilitate fast payment transactions. The 16-digit number on the back of your card is converted into a digital form. Learn how to activate your card.

How to activate cards for ‘Tap to Pay’ service:

1.) From the ‘Tap to Pay’ screen, tap ‘Add New Card’ or select debit or credit card from the list.

2.) On the next screen, you will need to enter your card information.

3.) Accept the terms and conditions of the credit or debit card issuing bank for Tap to Pay services.

4.) You will receive an OTP via the email address or mobile number associated with your card.

5.) Tap to Pay’s home screen will display the Activated Card option as soon as this process is complete.

Paytm going through a bad phase! Big executives of the company including Abhishek Arun resigned

Paytm, the country’s largest digital payment company has suffered a major setback. Abhishek Arun, Renu Satti, and Abhishek Gupta, all three gave a resignation together at Paytm. Mint reported that the three executives have just left the financial services firm of the company that was recently listed on the stock market.

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Three executives at Paytm left: Abhishek Arun, chief operating officer of Paytm Payments Bank, Renu Satti, chief operating officer of Offline Payments, and Abhishek Gupta, senior vice president and chief lending officer. Renu Satti has been working with Paytm since 2006

In the report, Abhishek Arun posted on his LinkedIn account about a week ago that he had decided to leave the company after 6 years. Renu Satti, talking about Abhishek Arun, was working with Paytm since 2006. The company has grown a lot because of him.

It is being reported that Abhishek Gupta joined the company only a year ago as Senior Vice President and COO-Lending. Paytm and Abhishek also had a very short relationship and resigned too. A notice period is currently in effect at the company. Despite the resignations of three of its senior executives, the company has not yet issued an official statement.

The company’s CEO, Amit Nayar, has also left Paytm

Paytm is experiencing major problems following its disappointing stock market listing. It is being reported that many big officers have left Paytm in the last two years. Amit Nayar, the company’s chairman, resigned shortly before the IPO was brought in November.

Earnings from Paytm

According to the company, income for the period July-September increased by 64 percent to Rs 1090 crore. This is the first time Paytm has released earnings since it listed. Last year, the Loss for the same period was 437 crores, compared to 473 crores this year. Expenses increased to about 1,600 crores, compared to 1,170 crores a year ago.

Sebi approves IPO of Paytm, PolicyBazaar and five others

As part of its approval of Seven Initial Public Offerings (IPOs) last week, the Securities and Exchange Board of India (Sebi) approved Paytm, which aims to raise a minimum of Rs 16,600 crore in what may be India’s largest scheduled share sale ever.

As well as Policybazaar, Anand Rathi Wealth, ESAF Small Finance Bank, Tarsons Products, Sapphire Foods, and HP Adhesives, Sebi approved them on Monday.

Paytm will issue a fresh issue worth ₹8,300 crore, and the remaining amount will be offered for sale, allowing existing investors to exit.

Policybazaar plans to raise about ₹6,018 crore through a fresh issue of ₹3,750 crore and an offer for sale by its existing shareholders and promoters of ₹2,267.50 crore.

Anand Rathi Wealth, a Mumbai-based financial services group, has also been approved by the Sebi for its proposed IPO of Rs 1,000 crore. An IPO consists of the sale of 12 million equity shares by the promoters and other shareholders.

Tarsons Products, a life sciences company, plans to raise about Rs 1,500 crore through an IPO.

Fresh equity shares up to Rs 150 crore will be issued, along with an offer to sell 13.2 million equity shares by existing shareholders and promoters.

ESAF Small Finance Bank’s IPO consists of a fresh issue of Rs 800 crore and an offer to sell Rs 197.78 crore by its existing promoters and shareholders.

Sapphire Foods India’s initial public offering consists of an offer for sale of 17.57 million shares by existing shareholders and promoters.

Sebi approved the offers from six companies in the week ended October 16: Adani Wilmar, Nykaa, Star Health and Allied Insurance Company, Penna Cement, Latent View Analytics, and Sigachi Industries.

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