Paytm has lost about 43% of its market value since the RBI told Paytm Payments Bank on Wednesday to stop accepting fresh deposits in its accounts or popular wallets from March.
RBI had Wednesday put curbs on Paytm Payments Bank, a banking partner of Paytm, which included prohibitions on onboarding new customers and operating its mobile wallet services.
Paytm Payments Bank won't be allowed to take further deposits in any customer accounts after 29 Feb, and no credit transactions will be allowed either, including via wallets, RBI said.
The company which introduced India to mobile payments is building an India-scale AI system to help financial institutions capture possible risks and frauds in the sector.
Following Sharma's stake purchase from Antfin Holding, Paytm CEO Vijay Shekhar Sharma will now hold the largest stake in the digital payments firm, with a 19.42% ownership.
Paytm has been under pressure to turn profitable ever since its dismal listing in November 2021.The stock has declined around 70% and tumbled 60% in 2022.
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