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    Paytm says business fundamentals remain robust as shares continue to fall

    Paytm says business fundamentals remain robust as shares continue to fall

    Paytm says business fundamentals remain robust as shares continue to fall
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    By CNBCTV18.com  IST (Updated)

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    Paytm parent One97 Communications said there is no information or announcement that may have a bearing on its stock price. Stock exchanges had sought clarification from Paytm on the movement in its shares.

    Paytm parent One97 Communications said on Wednesday that its business fundamentals remain robust and that it has from time to time made all necessary disclosures to stock exchanges within the stipulated timeline.
    The statement from the digital payments firm comes at a time when its stock has hit a series of lows in the recent past. At Tuesday's record closing low, Paytm shares stand at a discount of 74.7 percent to its issue price of Rs 2,150.
    "There is no information/announcement, which in our opinion may have a bearing on the price/volume behaviour in the scrip of the company and which is yet not disclosed to the stock exchanges. The company would also like to point out the business fundamentals remain robust as demonstrated in our last earnings release dated February 4, 2022," One97 Communications said in a regulatory filing.
    BSE had on Tuesday sought clarification from One97 Communications on significant movement in its stock price in a bid to safeguard investors' interest.
    Paytm also said it has been complying with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). The company said it is committed to complying with the listing regulations and will disclose any information or announcement likely to have a bearing on its price stock within the stipulated timeline.
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    Earlier, the RBI barred One97 Communications' payments bank, Paytm Payments Bank, from opening new accounts citing “material supervisory concerns”. The banking regulator also ordered a comprehensive audit of the company's IT systems.
    Paytm said it is taking immediate steps to comply with RBI directions, asserting that the ban will not have a material impact on its overall business.
    Vijay Shekhar Sharma, Founder and CEO of Paytm, told CNBC-TV18 that none of the bank’s servers is placed anywhere outside the country and no customer data has been compromised.
    Paytm shares were listed on stock exchanges in November 2021.
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