Shares of One97 Communications Ltd, the parent company of the Paytm brand, surged by 5% on Tuesday, hitting the upper circuit limit. The stock rallied to 449 rupees.
This comes just on the heels of Vijay Shekhar Sharma stepping down from the board of Paytm payments bank. He resigned from his position as part-time non-executive Chairman the bank amid the reconstitution of the board.
An exchange filing said that the process to appoint a new chairman would commence.
These developments come ahead of the March 15th deadline imposed by RBI post which Paytm payments bank can’t accept any fresh deposits or carry out any credit transactions.