Shares of One97 Communications, the parent company of digital payments significant Paytm, tanked as much as 13 per cent to hit a new low of Rs 677 on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from onboarding new customers with immediate effect because of particular supervisory concerns.

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The stock fell below its previous low of Rs 728.50 touched on March 8, 2022. The stock has now declined 69 per cent compared with its issue price of Rs 2,150. The company made its market debut on November 18, 2021.

Furthermore, the banking regulator has directed Paytm PB to appoint an IT audit firm for conducting a comprehensive system audit of its IT system. Paytm PB will need specific permission from the RBI to restart the onboarding of customers following a review of the audit. Paytm has said that PPBL was taking immediate steps to comply with RBI directions and was looking to appoint a reputed external auditor to conduct a comprehensive systems audit of its IT systems.