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Paytm share price drops 5% ahead of Payments Bank deadline: Will fall continue?
Paytm share price today: Paytm share price is down 66.50 per cent from its 52-week high of ₹998.30 hit in October last year.
Paytm share price: Shares of Paytm's parent company One97 Communications Ltd tanked 5 per cent, third lower circuit in as three days. This is the fourth day that the share prices of Paytm have fallen even as it was reported that National Payments Corporation of India was working to certify Paytm’s application to become a third-party payment app. This would allow customers to continue using the Paytm app for payments through unified payment interface (UPI) and would help the company as Paytm Payments Bank ceases operations by March 15.
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Economic Times reported that four banks- Axis Bank, YES Bank HDFC Bank and State Bank of India (SBI)- would be supporting Paytm’s consumer-facing UPI payments, citing unnamed senior bankers in the know.
“They will be issued fresh handles from the back-end and eventually customers will be migrated to each of the four banks in such a way that there is no extra pressure on any one entity,” one of the bankers said as per the report.
How much has Paytm stock fallen today?
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Paytm stock fell 4.98 per cent to hit a low of ₹334.35 on BSE. It has fallen 17 per cent in the four-day selloff and is down 66.50 per cent from its 52-week high of ₹998.30 hit in October last year.
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What Paytm said ahead of March 15 deadline?
A Paytm Spokesperson said, “One 97 Communications and its services, which include the Paytm app, and merchant devices like Paytm QR, Soundbox and Card Machines continue to work uninterrupted. We are expanding our financial services distribution platform in partnership with leading institutions."
“Paytm is committed to creating an inclusive next-generation financial ecosystem for our users across the country,” the company added.
