Paytm issues clarification to BSE over significant movement in stock prices

One97 Communications, the operating company of Paytm, on
Wednesday, said its business fundamentals remain robust and it had no information
that may have a bearing on the price-volume behaviour in the share price and
which is not yet disclosed to the stock exchanges.

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In a filing to BSE, One97 Communications said it has, from time to time,
made all necessary disclosures to stock exchanges within the stipulated
timeline. The statement read “The Company would also like to point out the
business fundamentals remain robust as demonstrated in our last earnings
release dated February 04, 2022,” it noted.

“We would like to reiterate that the Company is
committed to comply with the Listing Regulations and any information/
announcement, likely to have bearing on the price/ volume of the shares of the
Company would be disclosed, from time to time, to the Stock Exchanges within
stipulated timeline,” the statement added.

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Bombay Stock Exchange (BSE) had sought clarification from
One97 Communications Ltd. over the steep fall in its share prices. “The
exchange has sought clarification from One 97 Communications on March 22, 2022,
with reference to significant movement in price, in order to ensure that
investors have the latest relevant information about the company and to inform
the market so that the interest of the investors is safeguarded,” BSE
said, adding that “the reply is awaited”.

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BSE’s move came as the scrip fell 3.79% on the exchange
on Tuesday. The share settled at a fresh low of Rs 543.90 for the day. The
stock has seen significant losses in the past few trading sessions after the
Reserve bank of India banned Paytm Payments Bank Limited (PPBL) from onboarding
new customers.

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On Wednesday, One 97 Communications shares closed 3.59%
down at Rs 524.40 on the BSE and so far corrected around 75% from its issue
price of Rs 2,150. On the listing day itself, November 18, 2021, it settled
lower by 27%. The company’s market capitalisation was Rs 34,008 crore against
Rs 1.38 lakh crore at the time of its IPO. One97 Communications has lost more
than Rs 1.03 lakh crore in market capitalisation since listing.