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Shares of Indian digital payments firm Paytm slumped 10% to a near-record low on Monday, triggered by a regulatory crackdown on its banking unit. The new low extended a route from last week.
Regulatory Crackdown Challenges Paytm's Market Value
Paytm has lost about $2.5 billion or approximately 43% of its market value since the Reserve Bank of India (RBI) told Paytm Payments Bank on Wednesday to stop accepting fresh deposits in its accounts or popular wallets from March.
Reuters reported that the stock fell by its daily trading limit to 438.5 rupees ($5.28) on Monday, shy of the previous all-time low of 438.35 rupees in November 2022. RBI's order, which has far-reaching consequences for how India's most popular digital payments app, Paytm, operates, led to a 20% drop in the stock - its daily maximum - on Thursday and Friday.
Paytm Explores Potential Partnerships
Paytm is in exploratory talks with HDFC Bank and Jio Financial Services to sell its wallets business, housed under Paytm Payments Bank, the Hindu Business Line newspaper reported on Monday.
Paytm, HDFC Bank, and Jio Financial did not immediately respond to Reuters' requests for comment.
According to Yahoo, the RBI has found hundreds of thousands of accounts at Paytm Payments Bank created without proper identification and has passed the information on to the country's financial crime-fighting agency.
According to the sources, the RBI is concerned that some of the accounts could have been used for money laundering.
India's Revenue Secretary Sanjay Malhotra said on Saturday that the financial crime-fighting agency would probe Paytm Payments Bank if any fresh charges of fund siphoning are found.
Photo: Paytm Website
