Paytm responds to BSE query, says has "no information" that may be leading to sharp declines in shares
The Bombay Stock Exchange had written to fintech giant Paytm seeking clarification on why its shares had been plummeting, and asked it to make relevant disclosures in case there was anything that could be pertinent to shareholders.
, in response to a query from the Bombay Stock Exchange, said its business fundamentals remain robust, and it has "no information" that may have any bearing on its stock's price-volume behaviour.
It added there is no information that could potentially impact its share price that it hasn't already disclosed to regulators.
The Bombay Stock Exchange (BSE) on Wednesday wrote to Paytm asking it to disclose to the market any information that may be resulting in the significant movement in its share prices.
"Exchange has sought clarification from One 97 Communications Ltd on March 22, 2022, with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded," BSE said.
Paytm's shares have fallen 75 percent from their issue price of Rs 2,150 in November. Over the last two weeks, its shares have continued to steadily decline, hitting new record lows.
Paytm founder Vijay Shekhar Sharma at a YourStory TechSparks event
The Reserve Bank of India, last week, banned Paytm Payments Bank from onboarding any new users citing "certain material supervisory concerns".
Shortly after, a source-based report emerged that stated Paytm had been leaking data to Chinese companies that were indirect shareholders in the fintech firm - a claim Paytm vehemently denied saying the news report was "false" and "sensationalising".
Paytm's shares opened slightly higher on Wednesday, but were down 0.28 percent at the time of filing this report, from their close on Tuesday.
Edited by Anju Narayanan