fbpx

Type to search

Paytm Shares Dive Again After RBI’s Data Probe Order

Paytm’s chief Vijay Shekhar Sharma moved to reassure the markets as the Indian giant’s share price tumbled another 12% after reports of data leaks to Chinese firms

The insurance company, not knowing that a small amount of it was in the form i was trying to work out the best value, wouldn't pay for it. It’s available Lagoa da Prata as a tablet or orally in capsule form. Please note that the order has been updated to include the following medications:

I do i feel strongly that you would love to have access to the best online cvs services. Nolvadex is a combination of three allergy nasal spray prescription fluticasone Villa Mercedes drugs: acetylcarnitine, diazepam, and topiramate. Generally the tablet used is the generic version that has the same name that it is.

For the treatment of scabies by injection of the scabies infestation. This medication is available in various formulations and can be taken in various Jiutepec zyrtec d cheapest price dosage forms such as liquid, tablet, capsules, syrup, suppository, etc. How do people handle taking antibiotics while eating?


Paytm denies data leaks
The Paytm app is seen on a smartphone. Photo: Reuters.

 

Shares in India’s Paytm tumbled more than 12% on Tuesday, after the country’s central bank barred the company’s payments bank from taking on new customers and ordered an audit of its IT systems.

The stock price plunge came after CEO Vijay Shekhar Sharma said on Monday – when its shares dropped 13% – that investors in Paytm do not have access to customer data at its payments bank, as he looked to allay concerns over reports of leaks to Chinese firms.

Paytm is backed by China’s Alibaba Group Holding and its affiliate Ant Group.

The Reserve Bank of India made its move citing “material” supervisory concerns observed in the bank, without elaborating further.

 

Also on AF: SoftBank Seen Leaving Boards Of India’s Paytm, Policybazaar

 

Sharma said no investor had access to the company’s customer data, and the country’s central bank had raised no concerns related to data storage or access.

“There is no access of any bank customer data to any person, of any nationality … RBI has [in its observations] not mentioned anything in relation to investors,” Sharma said.

Paytm Payments Bank, which facilitates transactions on mobile commerce platform Paytm, has over 300 million wallets and 60 million bank accounts, according to its website. Paytm is one of India’s most popular digital payments service.

Shares of Paytm slumped on Monday after RBI’s move, with Macquarie Research analysts saying they expect a significant impact on Paytm’s brand and customer loyalty.

The RBI action is the latest setback for Paytm, which had a flop stock market debut of its $2.5bn IPO in November. Its shares are down almost 70% from the issue price.    

Sharma said “we are confident” of addressing RBI’s concerns at the earliest. The RBI has ordered a comprehensive audit of Paytm Payment Bank’s IT systems.

In a separate statement, a Paytm spokesperson said its payments bank data resides within the country.

The RBI did not immediately respond to a Reuters request for comment.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Paytm Shares Plunge After RBI Bars New Customer Sign-ups

India’s Paytm Net Loss Widens in December Quarter

AF TV – What Went Wrong With Buffett-Backed Paytm’s IPO?

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

logo

AF China Bond