Paytm shares continue to fall, slipping 4.99% in early trade

Paytm share price: The shares of Paytm parent One97 Communications continue to dip on Thursday, February 29, after hitting the lower circuit on Wednesday. The shares of Paytm tanked 4.99 per cent to touch an intraday low of Rs 385.90 apiece on the National Stock Exchange during early trade.

Vijay Shekhar Sharma, the fintech giant's founder, recently resigned as part-time non-executive chairman of Paytm Payments Bank Limited. The bank's board has been reconstituted, and the process of appointing a new chairman will begin, according to a filing earlier this week. This move comes amid the Reserve Bank of India's (RBI) crackdown on Paytm Payments Bank due to non-compliance and supervisory concerns. 

Last month, RBI took regulatory action and prohibited PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29. The deadline was later extended to March 15.