Paytm Share Price: The stock of the company dived 4.39 per cent to Rs 683.55 apiece on the National Stock Exchange (NSE). On the BSE, it went down by 4.37 per cent to Rs 685 per piece.
Shares of Paytm owner One97 Communications tumbled over 4 per cent after the Enforcement Directorate (ED) sent a notice to the fintech firm for the alleged violation of certain FEMA rules by the company and its two subsidiaries concerning certain investment transactions.
The stock of the company dived 4.39 per cent to Rs 683.55 apiece on the National Stock Exchange (NSE). On the BSE, it went down by 4.37 per cent to Rs 685 per piece.
The counter opened at Rs 698.45 today – a fall of 2.49 per cent from the previous close of Rs 716.30 on the BSE. However, it gained amid firm buying and touched the high of Rs 725. Last seen, the scrip was trading at Rs 721 – a gain of 0.66 per cent.
The market was trading in the negative zone with the 30-share BSE Sensex benchmark slipped 271.22 points or 0.37 per cent to 72,926.88 in the late morning trade. Also, the NSE Nifty dipped 93.60 points or 0.42 per cent to 22,031.10.
In a regulatory filing on Saturday, Paytm said that it has received a notice from the Enforcement Directorate (ED) for the alleged violation of certain FEMA rules by the company and its two subsidiaries — Little Internet and Nearbuy — with respect to certain investment transactions.
Later, Paytm clarified that the alleged breach pertains to the period when the two companies were not its subsidiaries.
“This is in relation to alleged contraventions for the years 2015 to 2019 of certain provisions of the ‘FEMA’ by the company, in relation to its acquisition of two subsidiaries namely Little Internet Pvt Ltd (LIPL) and Nearbuy India Pvt Ltd (NIPL), erstwhile Groupon, along with certain directors and officers,” the company said in a regulatory filing.
One97 Communications (OCL) said that it has received a FEMA (Foreign Exchange Management Act) rules violation notice from the ED on February 28, which does not specify financial impact but alleges contraventions in respect of aggregate amount of over Rs 611 crore.
With PTI inputs
