MUMBAI: Shares of Paytm owner One97 Communications fell 5% for the second straight session, nearly 85% below their IPO price, to hit a low of Rs 334 on Tuesday. The development follows the resignation of Bhavesh Gupta, the company’s chairman and CEO, last week.
Gupta’s exit is the latest in a series of high-profile exits by the Noida-based fintech firm. Sources told that three more senior executives have been appointed – Ajay Vikram Singh, director of user development and UPI, Bipin Kaul, director of offline payments and Sandipan. Kashyap, SVP and CBO, consumer payments are archived. Paytm did not comment on the departure.
One97 Communications has announced the resignation of Chief Operating Officer Bhavesh Gupta as leadership changes focus on regulatory compliance. Varun Sridhar has been appointed CEO of mutual fund company Paytm Services. For personal reasons, Gupta is in an advisory role as part of regulatory reviews.
Bhavesh Gupta resigned from Paytm on 31 May 2024. The company focuses on regulatory compliance, new leadership and profitable business expansion, particularly in the lending space.
Shares of parent company Paytm fell 5% to Rs 351.70 following the resignation of Chief Operating Officer Bavesh Gupta. Varun Sridhar has resigned as CEO of Paytm Money amid leadership changes. Rakesh Singh took over amid regulatory concerns and competition.