NEW DELHI: Shares of One97 Communications Ltd, the owner of the Paytm brand, plummeted over 9% on Thursday morning as a two-day surge in the stock came to an end.
Despite a strong start, the stock nosedived by 9.41% to Rs 450 on the BSE, while at the NSE, it dropped by 9.31% to Rs 450.
The previous day, One97 Communications Ltd's shares had surged by 10%, following a rebound of over 3% on Tuesday, halting a three-day decline.
Between February 1 and 5, spanning three trading days, the company's stock had plummeted by over 42%, erasing Rs 20,471.25 crore from its market capitalization, in response to the Reserve Bank of India's (RBI) regulatory actions.
Last week, the RBI directed Paytm Payments Bank Ltd, a restricted bank with deposit-taking capabilities but without lending powers, to halt further deposits, credit transactions, and top-ups on customer accounts, prepaid instruments, wallets, and cards for toll payments, effective from February 29.
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