Shares of Paytm, owned by One 97 Communications, declined over 4 percent to Rs 320 per share on May 8.
This drop comes in light of reports indicating that Aditya Birla Finance, one of the fintech firm’s major lending partners, invoked loan guarantees due to repayment defaults from customers. The stock hovered close to its all-time low of Rs 318, seen on February 16, 2024.
Since the beginning of the year, Paytm’s stock has plummeted nearly 50 percent, significantly underperforming the 3 percent rise in the benchmark Nifty 50 index during the same period.
As of 1:38 pm, the shares of Paytm were trading 2.95% lower at ₹324.00 on NSE.
In addition to Aditya Birla Finance, other lenders such as Piramal Finance and Clix Capital have also terminated their partnerships with Paytm after RBI barred Paytm Payments Bank from operations, according to reports.
