One 97 Communications Ltd (NSE: PAYTM) is seeing its shares slump on Monday, underperforming the wider market, amid concerns over regulatory actions.
Paytm share price was down 1.9% to ₹701 at the time of writing early morning.
Meanwhile, Nifty 50 is down 0.4% and Sensex is down 0.45%.
ED Notice: Paytm received a show-cause notice from the Directorate of Enforcement (ED) on Friday for alleged Foreign Exchange Management Act (FEMA) violations in its acqusition of two subsidiaries, as earlier reported by Dzambhala.
The acquisitions involved ₹611.18 Crore worth of transactions between 2015 and 2019 for Little Internet Private Limited and Nearbuy India Private Limited.
The Vijay Shekhar Sharma-led company said it is seeking legal advice and evaluating remedies to resolve the matter in accordance with applicable laws.
Separately, the company announced a partnership with RBL Bank to provide its Soundbox and card machines to the bank’s merchant partners on Monday, around the time of writing this article, according to a Dzambhala NodeX notification.
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