Paytm share price falls 4% as president & COO Bhavesh Gupta resigns: Top updates

Paytm share price today: This year, Paytm stock has fallen 45 per cent so far and significantly underperformed Nifty which has risen nearly 4 per cent during.

Paytm share price today: Shares of Paytm fell over 4.5 percent today (May 6) after the company announced the resignation of its COO and president, Bhavesh Gupta, in a regulatory filing. At 9:38 am, shares of Paytm were trading 3.8 per cent lower at ₹355.25 on the NSE. This year, the stock has fallen 45 per cent so far and has significantly underperformed benchmark Nifty which has risen nearly 4 per cent during.

Paytm share price: A QR code for the Paytm digital payment system at a store in Mumbai, India. (Bloomberg)

Bhavesh Gupta's resignation

Bhavesh Gupta said in a letter, as per company's filing, that his resignation would be effective from May 31 while he continues to support the company in an advisory capacity within the chief executive's office.

Citing personal reasons for taking a career break, Bhavesh Gupta expressed confidence in Paytm's future trajectory. The company said in the filing, “His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024."

Paytm has also announced the appointment of Rakesh Singh as the new CEO of Paytm Money and Varun Sridhar, the existing CEO, has been appointed as the Chief Executive Officer of Paytm Services Private Limited (PSPL).

Paytm Q4 results

The company is scheduled to announce its March quarter results for fiscal year 2024 which could be highly impacted by regulatory restrictions that the Reserve Bank of India (RBI) imposed on Paytm's associate firm, Paytm Payments Bank Ltd (PPBL).