Shares of One 97 Communications, the parent company of Paytm, fell 5 percent to the day’s low of Rs 351.70 on Monday after the company announced the resignation of Bhavesh Gupta, the Chief Operating Officer (COO) and President of Paytm.
According to the filing, Gupta’s resignation will be effective as of the close of business hours on May 31, 2024. He expressed his intention to continue supporting the company in an advisory capacity within the chief executive’s office.
In his resignation letter, Gupta cited personal reasons for taking a career break and expressed confidence in Paytm’s future trajectory, acknowledging the robust leadership in payments and financial services developed over recent years.
“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 said in the filing.
Meanwhile, Paytm has also announced the appointment of Rakesh Singh as the new CEO of Paytm Money, while Varun Sridhar, the existing CEO, has been appointed as the Chief Executive Officer of Paytm Services Private Limited (PSPL).