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.
This is expected to bring cheers among investors. With Chinese shareholding reducing their stake, it will benefit the company in their Foreign Direct Investment (FDI) aspect.
SoftBank had a 17.5% stake in Paytm’s parent One 97 Communications Ltd, as of Sept. 30. The stock is being sold in a range of 555 rupees to 601.45 rupees per share, said the report.
This comes a day after ED carried out search operations across the country under Prevention of Money Laundering Act, in an investigation related to an app-based token named HPZ.
Analysis of 6 major tech IPO launches of 2021 — Zomato, Paytm, Nykaa, Fino Payments Bank, Policy Bazaar and CarTrade Tech — shows investor euphoria could be fading.
Varma resigned on 14 March due to 'personal commitments and other pre-occupations,' Paytm said. Varma also quit from the board of PB Fintech the same day.
RBI statement said action against Paytm Payments Bank based on “material supervisory concerns” & restrictions will continue pending an audit of its information-technology systems.
Armani built a multibillion-dollar global brand from something as simple as an unstructured jacket, and broke down the walls between formal and casual.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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