New Delhi: Paytm shares stayed in the green with a 5 per cent rise today (February 20). This comes after Paytm founder and CEO Vijay Shekhar Sharma said that its QR code and soundbox facilities will continue to work even after the March 15 deadline set by the Reserve Bank of India (RBI).
Paytm shares were observed trading at Rs 376.25 on the Bombay Stock Exchange (BSE) at 9:55 am. This marks the third consecutive session where Paytm shares have seen a 5 per cent increase.
Investors have found some respite as the value of their holdings, which had been declining rapidly since January 31, saw an upward trend. This downturn was triggered after the Reserve Bank of India (RBI) took action against its affiliate, Paytm Payments Bank.
The surge in Paytm shares today can be attributed to media reports suggesting that an investigation by the Enforcement Directorate of India (ED) into potential foreign exchange breaches at Paytm Payments Bank has not uncovered any violations so far.
The investigation found that there were some lapses in following ‘know-your-customer’ rules for verifying user profiles, according to media reports. However, the Enforcement Directorate has not found any breaches of the Foreign Exchange Management Act by Paytm Payments Bank, the source further stated. The agency is currently assessing whether charges will be filed for any possible violations.
