Paytm share price tanks 5% after President & COO Bhavesh Gupta resigns
Paytm share price declined 5% on Monday after the company’s President and Chief Operating Officer Bhavesh Gupta resigned from his post citing personal reasons.
Gupta’s resignation has been accepted by the Board of Company at its meeting held on May 04, 2024, and he will be relieved from the services w.e.f. close of business hours on May 31, 2024, One97 Communications, the parent company of Paytm said in a regulatory filing.
Read here: Bhavesh Gupta, Paytm COO and President, resigns; cites personal reasons
Gupta will continue to support the company as an Advisor in the CEO office after May 31, 2024, the fintech giant added.
Paytm has appointed Rakesh Singh as the new CEO of Paytm Money and Varun Sridhar as CEO of Paytm Services Private Limited.
“One97 Communications Limited (OCL) that owns the brand Paytm is expanding its leadership team to build a large and profitable payment and financial services distribution business. This move is aligned with its ambition to ensure Paytm’s sustained growth across key business verticals, fostering innovation and strengthening its group structure for sustainability and regulatory compliance,” Paytm said in a statement.
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Varun Sridhar, former head of Paytm Money Ltd, now leads as CEO at Paytm Services Pvt Ltd (PSPL), a subsidiary dedicated to distributing mutual funds, and other wealth management products, it added.
Earlier this year, the Reserve Bank of India (RBI) had barred Paytm’s associate company Paytm Payments Bank (PPBL) from accepting fresh deposits and doing credit transactions after March 15. RBI restrictions on Paytm Payments Bank is likely to impact Paytm Q4 results.
Paytm share price has plunged more than 21% in the past three months and over 44% year-to-date (YTD). Paytm stock price is down over 48% in one year.
At 11:00 am, Paytm shares were trading 4.42% lower at ₹353.85 apiece on the BSE.
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Published: 06 May 2024, 10:59 AM IST
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