Paytm shares fall for the third consecutive day, nearing an all-time low at ₹438.50

One 97 Communications Ltd., the parent company of payment aggregator Paytm, witnessed a 10% plunge in its shares on Monday, following consecutive drops of 20% on Thursday and Friday.

In response to the 20% decline for two consecutive sessions, the exchanges had adjusted the circuit filter to 10% today.

Today’s 10% drop in early trading hours has brought the stock to ₹438.50 level, marking a significant downturn
from its stock market debut in 2021 at an IPO price of ₹2,150.

Also read/watch - Paytm clarifies no money laundering Investigation by Enforcement Directorate

Paytm's shares have plummeted nearly 80% from the IPO price, and are trading almost at an all-time-low.The sharp decline in Paytm share prices has been driven by the Reserve Bank of India’s recent action against Paytm Payments Bank.

No ED investigation either against company or CEO, says Paytm

The Enforcement Directorate is neither investigating One97 Communications, owner of Paytm brand, nor its Founder and CEO Vijay Shekhar Sharma for money laundering, the company said on Sunday.

The ED had visited premises of the company and some other fintech firms like Razorpay in September 2022 for money laundering investigations against some of the merchants that were using their platforms.

Also read/watch - RBI restricts Paytm Payments Bank over KYC lapses, governance concerns: Report

"Neither the Company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering. In the past, certain merchants/users on our platforms have been subject to enquiries and on those occasions, we have always cooperated with the authorities," Paytm said in a regulatory filing.

The company said it has cooperated with the agencies during any investigations by the authorities on any set of merchants or users in the past.