BENGALURU (Reuters) – India’s Paytm reported a wider first-quarter loss on Friday, hurt by weakness in its payments business after the central bank’s directive to shut down its banking unit in February.
The digital payments firm’s consolidated net loss widened to 8.39 billion rupees ($100.3 million) for the quarter ended June 30, compared with a loss of 3.57 billion rupees a year earlier.
Earlier in the year, the Reserve Bank of India wound down Paytm Payments Bank due to persistent compliance issues, triggering a meltdown in Paytm’s stock.
($1 = 83.6360 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)
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