The Indian stock exchanges both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) have released a notification stating the revised circuit bands for Paytm (One97 Communications) effective February 5, Monday. The new revised limit for the counter is 10% from the 20% band earlier.
This comes after the stock witnessed a massive 36% sell-off in last 2 trading sessions, eroding investors’ wealth massively, following the RBI crackdown on the company’s banking unit.
Shares of Paytm crashed 20% on both Thursday and Friday after the Reserve Bank of India imposed ‘severe’ restrictions on the company’s banking unit, asking them to stop accepting deposits, facilities of credit and further suspending their Nodal license. The Paytm stock ended at Rs 487.20 on NSE on Friday, down 20% for the second straight session.
