Mumbai/IBNS, April 27 -- Shares of One 97 Communications, the parent of Paytm, plunged nearly 8% to an intraday low of Rs.1,057 on the NSE on Monday following regulatory action on its banking arm, according to media reports.

RBI Action Triggers Sell-off

The sharp fall in the stock came after the Reserve Bank of India withdrew the banking licence of Paytm Payments Bank, leading to the shutdown of its banking operations.

No Direct Exposure, Says Paytm

In a stock exchange filing last Friday, the company clarified that:

Independent Operations of PPBL

Paytm stated that Paytm Payments Bank operates independently, with:

The firm also noted that it had already impaired its investment in PPBL as of March 31, 2024, ensuring no direct financi...