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.
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.
One97 Communications, the parent of the digital payments giant, ended last week 17% below its offer price of Rs 2,150, after falling to as low as Rs 1,271 at one point.
Sharma encouraged employees to look past the initial stumble and to focus on the long-term opportunities for bringing digital payments to India's fast-growing internet population.
Paytm founder Vijay Shekhar Sharma is raising capital to protect his digital payments company from new entrants like Facebook, Google and Walmart's PhonePe.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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