The share price of fin-tech company One97 tanked by over 12% today on Monday in early trade, from the previous close of ₹775.05, closing at ₹680.40 today. The digital payments firm has struggled on the stock market since its IPO, and has now lost over 70% of its share value from the date of issue.
The latest speedbump for the company has been the RBI announcement of ordering an independent ‘IT Audit’ of the company and preventing it from onboarding new customers. The bank has onboards 0.4 million customers daily and has 60 million bank accounts and 300 million registered wallets.
It is also being reported that the firm is facing flak from the apex bank for violating data storage rules and allowing transaction data in India to be stored on servers abroad. It was found by RBI inspectors that Paytm’s servers were sharing information with entities operating from China that have an indirect stake in Paytm. It was also onboarding customers on its Payments Bank without adequate verification and KYC (know your customer).
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