Shares of Paytm’s parent company One97 Communications fell 5% on May 6, Monday. After Bhavesh Gupta, President and Chief Operating Officer of Paytm, resigned from the company.
The stock of fintech businesses fell4.99 per cent to Rs351.70 to reach the lower circuit limit on BSE. It fell 5 percent to Rs351.40 on NSE. As a part of his responsibility, Gupta was handling the loan business, online and offline payments and compliance.
The RBI ban on Paytm Payments Bank (PPBL) had an adverse impact on the raised he led. Gupta has now come into the part of advisor. Paytm talked that Gupta will continue to support Paytm as an advisor in the office after May 31, 2024.
One97 Communications Limited (OCL), which owns the Paytm brand. Is intensifying its leadership team to make a big and gainful payments and fiscal services delivery business. The move is aligned with Paytm’s ambition to insure uninterrupted growth across crucial business areas, foster invention and strengthen its group structure for sustainability and nonsupervisory compliance, the company statement said.
Varun Sridhar, former head of Paytm Money Ltd, is now serving as the CEO of Paytm Services Pvt Ltd (PSPL). The Paytm subsidiary acknowledged. This is dedicated to distributing collective finance and other wealth management products.
