New Delhi: Shares of One97 Communications Ltd, which owns and operates Paytm, on Friday jumped 5 per cent after the company said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.
The stock climbed 4.39 per cent to Rs 423 on the BSE after falling in the past three trading days. At the NSE, it jumped 4.99 per cent to Rs 423.45. Amid RBI’s action on its associate firm, One97 Communications on Friday said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.
The move assumes significance as Paytm Payments Bank Limited (PPBL) is under the RBI’s lens over persistent non-compliance and continued material supervisory concerns. In a filing on Friday, One97 Communications said the company and its associate entity, Paytm Payments Bank Limited, have introduced additional measures to strengthen their approach towards independent operations of PPBL.
