Paytm Shares Plunge 9%, Recover Partially
By Rediff Money Desk, New Delhi Jan 24, 2025 19:29
Paytm shares dropped nearly 9% intra-day on reports of a crypto scam probe, but the company denied the allegations. The stock recovered partially at close.

Photograph: Amit Dave/Reuters
New Delhi, Jan 24 (PTI) Shares of One 97 Communications Ltd, which owns Paytm brand, dropped nearly 5 per cent on Friday amid media reports that Paytm and others face probe over crypto scam, but the company has termed the reports as "factually incorrect and misleading".
The stock slumped 4.85 per cent to settle at Rs 807.75 on the BSE. During the day, tanked 8.84 per cent to Rs 773.90.
At the NSE, it dropped 4.90 per cent to Rs 807.45. Intra-day, the stock tumbled 8.95 per cent to Rs 773.05.
Earlier in the day, the BSE sought clarification from One 97 Communications Ltd with reference to news that Paytm, others face probe over crypto scam, ED freezes Rs 500 crore.
Later in a clarification regarding Paytm and others face probe over crypto scam, ED freezes Rs 500 crore, the company said, "We confirm that we have not received any such new notice, communication, or query from the Enforcement Directorate regarding the matter mentioned in the media articles."
"The information published is factually incorrect and misleading and we had not received any query from the media prior to the publishing of this news article," the company said in a stock excahnge filing.
Refer to our letter dated September 4, 2022, regarding the Directorate of Enforcement's (ED) search operations involving certain merchants for whom we provided payment processing solutions, the firm said.
The instances currently being reported by the media pertain to similar old enquiries regarding third party merchants, it said.
"We would like to clarify that these merchants are independent entities and are not part of our group. We confirm that we had fully cooperated with the authorities and had complied with all their directives," the firm said.
Additionally, we would also like to take this opportunity to clarify that contrary to media reports there has been no probe on the company or its subsidiaries, the ED's probe is on third-party merchants, the company's filing said.
"We urge investors and stakeholders not to rely on unverified media reports and assure you that should any material developments occur, we will promptly disclose the same in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The stock slumped 4.85 per cent to settle at Rs 807.75 on the BSE. During the day, tanked 8.84 per cent to Rs 773.90.
At the NSE, it dropped 4.90 per cent to Rs 807.45. Intra-day, the stock tumbled 8.95 per cent to Rs 773.05.
Earlier in the day, the BSE sought clarification from One 97 Communications Ltd with reference to news that Paytm, others face probe over crypto scam, ED freezes Rs 500 crore.
Later in a clarification regarding Paytm and others face probe over crypto scam, ED freezes Rs 500 crore, the company said, "We confirm that we have not received any such new notice, communication, or query from the Enforcement Directorate regarding the matter mentioned in the media articles."
"The information published is factually incorrect and misleading and we had not received any query from the media prior to the publishing of this news article," the company said in a stock excahnge filing.
Refer to our letter dated September 4, 2022, regarding the Directorate of Enforcement's (ED) search operations involving certain merchants for whom we provided payment processing solutions, the firm said.
The instances currently being reported by the media pertain to similar old enquiries regarding third party merchants, it said.
"We would like to clarify that these merchants are independent entities and are not part of our group. We confirm that we had fully cooperated with the authorities and had complied with all their directives," the firm said.
Additionally, we would also like to take this opportunity to clarify that contrary to media reports there has been no probe on the company or its subsidiaries, the ED's probe is on third-party merchants, the company's filing said.
"We urge investors and stakeholders not to rely on unverified media reports and assure you that should any material developments occur, we will promptly disclose the same in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: PTI
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