The circuit limit was freshly revised a day following Paytm shares being locked at a 10% lower circuit limit.
The circuit filter for One 97 Communications Ltd (Paytm) stock has been decreased to 5% from its previous level of 10%. Previously, the stock exchanges had reduced the circuit limit for Paytm shares from 20% to 10% due to significant volatility following Reserve Bank of India (RBI) restrictions on Paytm Payments Bank. As of 9:29 am, the Paytm stock was trading at Rs 331.00 on the BSE, reflecting a 3.31% decrease.
The recent adjustment in the circuit limit occurred one day subsequent to Paytm shares being restricted by their 10% lower circuit limit. The BSE announced that the price band has been altered from its current levels, effective February 15, 2024.
On Wednesday, Paytm shares concluded with a 10% decline, settling at Rs 342.35. Since January 31, when the RBI imposed stringent restrictions on Paytm Payments Bank, the market value of Paytm stock has plummeted by 55%.
BSE also adjusted the price bands for Euphoria Infotech (India) Ltd, Jubilant Industries Ltd, Samrat Forgings Ltd, Pee Cee Cosma Sope Ltd, Genus Power Infrastructures Ltd, Satchmo Holdings Ltd, Seasons Textiles Ltd, and Benara Bearings and Pistons Ltd.
In a recent communication to stock exchanges, Paytm has stated that it, along with its subsidiaries and associate, Paytm Payments Bank Limited, has been receiving requests for information, documents, and clarifications from authorities, including the Enforcement Directorate (ED), regarding customers who may have conducted business with these entities over time.
Paytm confirmed that it has previously provided the necessary information, documents, and explanations to the authorities and continues to do so as required. However, it clarified that Paytm Payments Bank Limited does not engage in Outward Foreign Remittance.
This response comes in light of reports suggesting that a case has been registered by the ED against Paytm for alleged FEMA violations.
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