Stock Market News

Indian bourses cut Paytm daily trading limits to 10% after rout

2024.02.03 09:22


© Reuters. FILE PHOTO: Paytm app is seen on a smartphone on this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

NEW DELHI (Reuters) – India’s inventory exchanges have cut the daily share trading limits for digital funds agency Paytm to 10%, from 20%, after a $2 billion rout within the inventory following a regulatory crackdown on the corporate’s banking unit.

The new 10% limits might be relevant from Monday, the Bombay Stock Exchange and the National Stock Exchange stated on their web sites.

The Indian central financial institution informed Paytm’s banking unit earlier this week to cease accepting contemporary deposits in its accounts or well-liked wallets from March, a transfer that has far-reaching penalties for the way the nation’s hottest digital funds app Paytm – which depends on the financial institution – operates.

Paytm’s market worth crashed to $3.7 billion after it misplaced $2 billion on Mumbai bourses this week, with the inventory dropping 20% – its daily most at the moment – on each Thursday and Friday.

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