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By Malvika Gurung
Investing.com — Shares of the digital fintech company Paytm (NS:) continued their free fall, tumbling over 4% to record a fresh lifetime low at Rs 521 apiece on March 23.
The stock has wiped off 75.8% of its value compared to its issue price of Rs 2,150. Its market capitalization has eroded by over Rs 1.05 lakh crore, as opposed to Rs 1.39 lakh crore at the time of listing in November 2021.
The digital wallet’s shares advanced up to 3% in the early session on Wednesday, after the company informed the stock exchanges that it did not keep any information driving the stock prices lower and has ensured to have made all the necessary disclosures to them within the required timeframe.
It further added, “We have been complying with Regulation 30 of the SEBI Regulations, 2015 and have, from time to time, made all necessary disclosures to the Stock Exchanges within the stipulated timeline.”
It also noted that its business fundamentals continue to remain robust and reinstated to be compliant with all the listing regulations of the stock exchanges.
Paytm’s response on Wednesday came after BSE sought clarification for the significant price movement in the company’s shares, as the fintech stock plunged to a record low on Tuesday.
The exchange stated it wanted to ensure investors have the latest relevant information about the company for safeguarding their interests.
Banking regulator RBI banned Paytm Payments Bank from onboarding new customers to its platform on March 11, and then last week, brokerage firm Macquarie slashed its target price to Rs 450/share, the most bearish target for the fintech stock.
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