Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders

SUMMARY

Shares of fintech major Paytm slipped by 5% to INR 317.45 during the intra-day trading on BSE on May 8

In line with the drop in the share prices, Paytm’s market cap has shrunk to $2.41 Bn

The drop in the shares for the fintech major comes amid an increased number of departures in its key leadership

Continuing its recent skid in the stock market, shares of fintech major Paytm slipped by 5% to INR 317.45 during the intra-day trading on BSE on Wednesday (May 8). With this, the stock has hit a 52-week low, and its market cap has slid under $2.5 Bn. 

In line with the drop in the share prices, Paytm’s market cap has shrunk to $2.41 Bn; its shares were trading at INR 370.2 on the BSE as of Friday (May 3). 

However, since then share prices have continued to slide by 5% in every session this week. After dropping to INR 351.70 on Monday, the shares went down to INR 334.15 on Tuesday

Paytm has seen increased volatility ever since the Reserve Bank of India (RBI) clampdown on certain operations of its payments bank business in late January. 

The Vijay Shekhar Sharma-led company regained some momentum on the bourses after securing the third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI) on March 15, but the recent departures of key leaders has set it back further.

As reported by Inc42 this week, founder and CEO Sharma is looking to take charge of key verticals as a number of high-level executives have either quit the company or are being reassigned from their existing verticals. 

The top deck rejig involves COO and president Bhavesh Gupta, CBO of user growth and UPI Ajay Vikram Singh, CBO of the offline payments business Bipin Kaul and CBO of the consumer payments vertical Sandeepan Kashyap all moving away from the company. 

The list also features Paytm parent One 97 Communications’ CMO Sumit Mathur as well as senior vice president of business Praveen Sharma, and Paytm Payments Bank MD and CEO Surinder Chawla all putting in their papers. 

Amid all these exits, Sharma is taking charge of Paytm in a big way and is expected to work directly with new leadership being put in place for key verticals as existing business heads and vertical heads are stepping away. 

Paytm is expected to announce its much-anticipated Q4 FY24 results by the end of the month. All eyes will be on key revenue growth and profitability metrics, both of which are expected to see some decline as the company’s regulatory troubles take their toll on the business. 

Step up your startup journey with BHASKAR! From resources to networking, BHASKAR connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders-Inc42 Media
Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders-Inc42 Media
You’re in Good company