Following the Reserve Bank of India's (RBI) recent actions against Paytm Payments Bank, the company's leadership, including CEO Vijay Shekhar Sharma, held town hall meetings to reassure employees and address concerns. Amidst the turmoil, Paytm's stock price plummeted, reaching near record lows and erasing approximately $2.5 billion in market value. Investors also witnessed a sharp decline in One 97 Communications' share price, which tumbled 42% in just three days. In response to the crisis, competitors such as Walmart-owned PhonePe experienced a surge in user base, with an increase of at least 15-20%. Despite the sell-off, Paytm shares rebounded by as much as 8% following the company's denial of reports about being investigated for foreign exchange rules violations. Additionally, Paytm's CEO engaged in discussions with RBI and met with Union Finance Minister Nirmala Sitharaman to discuss regulatory concerns. Meanwhile, Jio Financial Services clarified that it is not in negotiations to acquire Paytm's wallet business, countering rumors that had circulated. The RBI's action against Paytm also reignited the debate on a proposed market share cap for UPI apps. Furthermore, Paytm shares rallied 5% as investors saw value in the dip, and the stock turned positive after a three-day rout. Reports of UPI outages with multiple bank servers down added to the payment sector's challenges.
Paytm CEO meets RBI chief, finance minister amid regulatory concerns: Reports https://t.co/woKoZzqZq2
#UPI faces outage, multiple bank servers down Multiple users took to social media channels to flag concerns around UPI #payments not going through. https://t.co/aVft4sVZF1
Paytm Founder met with Union Finance Minister Nirmala Sitharaman today, discussed the current issue of Paytm: Sources
India's MakeMyTrip, PolicyBazaar warn RBI of fintech hit after Paytm crackdown -letter https://t.co/dQ4mEZVXKW https://t.co/ERN2biicIm
India's Paytm crackdown spooks retailers; Walmart, Google swoop in https://t.co/NZ9bmsblIf https://t.co/RI2D9HiHOW
India's Paytm CEO in talks with RBI on regulatory concerns - sources https://t.co/AGcvXPbdl7 https://t.co/dzlA0aCdFB
#Jio Financial Denies It Is In Talks To Acquire Paytm's Wallet Business https://t.co/9bsEEFvfyM https://t.co/RnqNiI3Kyn
Paytm rebounds after 40% selloff as shares seen offering value Shares of One 97 Communications rose as much as 8% after the company denied reports of the firm or its associate Paytm Payments Bank being probed for foreign exchange rules violation. https://t.co/yMZIJxzl8S
India’s fintech major Paytm rebounds, after shedding more than $2 billion in market capitalization in three sessions, as analysts highlight value in its core business https://t.co/gy1q76ZOyB
India's Paytm shares pop 8% after Ambani's Jio Financial denies deal talks for wallet business https://t.co/IQyxOpe8gT
India's Paytm stock turns positive after three-day rout https://t.co/ZXQk296FpQ https://t.co/GHWJ0XnLXa
📈 Paytm shares rally 5% as doomsday call attracts dip buyers. Is the worst over? https://t.co/efvVqwpFPI
🆕 Walmart-owned #PhonePe has seen an at least 15-20% increase in its user base over the last few days owing to the ongoing crisis at rival #Paytm and panic among consumers about the fate of Paytm Payment Bank-issued UPI accounts, people with knowledge of the developments said.
Jio Financial says not in talks to acquire Paytm’s wallet business https://t.co/dv0ZzP8NsJ
Jio Financial says not in talks to acquire Paytm’s wallet business: https://t.co/YRjP8i8htW by TechCrunch #infosec #cybersecurity #technology #news
Jio Financial Services says it has not been in "negotiations" with Paytm to acquire the Noida-headquartered firm's wallet business.
#Paytm town hall: No job cuts and other key things that CEO Vijay Shekhar Sharma told employees https://t.co/ufxmPWywg7 https://t.co/FSMsaAewN3
#Paytm share price today: One 97 Communications plummets 42% in just 3 days as investors lose Rs 20,500 crore https://t.co/8qUHDB0O2y https://t.co/qJM8gGh6x8
India's Paytm nears record low, market value down about $2.5 bln since RBI crackdown https://t.co/0g44ixOtBp https://t.co/aszPuuKpXQ
India's Paytm nears record low, down 10% after RBI crackdown https://t.co/e0LrS2Z1hE https://t.co/9yuer6GffA
India’s Paytm is in flux: https://t.co/Gc9LJjIu5B by TechCrunch #infosec #cybersecurity #technology #news
🆕📊 RBI action against #Paytm Payments Bank has reignited the debate on the proposal for a ceiling of 30% market share by volume for #UPI apps The proposal for a market share cap had been floated to ‘de-risk’ one or two platforms from becoming too critical for payments volumes.
🚨 As #Paytm navigates the complexities of the RBI’s recent action, its leadership met senior executives over the weekend to reassure employees and address concerns The brass held 2 townhall meetings with senior business leaders at Paytm Payments Bank and One97 Communications 🧵