Paytm shares plunge 5% as COO Bhavesh Gupta resigns
One 97 Communications Ltd., the parent company of Paytm, witnessed a significant 5% drop in share prices on Monday. This decline came in the wake of Bhavesh Gupta, the firm's President and Chief Operating Officer, announcing his resignation. Citing personal reasons for his exit, Gupta officially stepped down on May 4 with his tenure set to conclude on May 31.
Gupta to continue as advisor post-resignation
Despite stepping down from his executive role, Gupta will continue to be associated with the company in an advisory capacity to the CEO after May 31. Prior to this transition, One97 Communications had already removed him from his position on the board of Paytm Payments Bank Ltd., where he served as a director. This move followed closely on the heels of Paytm founder Vijay Shekhar Sharma's own departure from the board.
One97 Communications announces management reshuffles
In the wake of these high-profile departures, One97 Communications has announced a series of management reshuffles. The company's shares fell to ₹351 each, their lowest level since March 13. As of 12.25pm, they were trading at ₹352 each, marking a decrease of 4.83%, compared to a slight increase of 0.11% in the NSE Nifty 50 Index.
One97 Communications experiences steady stock decline
The past year has seen a steady decline in stock value for One97 Communications, with an overall drop of 51% and a decrease of 44.20% year-to-date. The total volume traded so far today is three times its average over the past month, with a relative strength index at 28.45. Among the 15 analysts monitoring the company's performance, five suggest buying stocks, four recommend holding onto existing stocks, and six advise selling, according to data from Bloomberg.
