BSE and NSE reduced daily trading limit on Paytm shares to 10% following market ruckus
NEW DELHI (Reuters) – Indian stock exchanges have cut daily trading limits for digital payments company Paytm to 10% from 20%, following a $2 billion share price drop due to a regulatory crackdown on the company’s banking unit.
The new 10% limits will apply from Monday, the Bombay Stock Exchange and the National Stock Exchange said on their websites.
India’s central bank told Paytm’s banking arm earlier this week to stop accepting new deposits into its accounts or popular wallets from March, a move that has far-reaching implications for how the country’s most popular digital payments app Paytm – which depends on the bank β works.
Paytm’s market value collapsed to $3.7 billion after it lost $2 billion on the Mumbai stock exchanges this week, with the stock losing 20% ββon both Thursday and Friday – the daily maximum at the time.
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First print: February 3, 2024 | 7:33 PM IST