Paytm has been at the center of attention following rumors about its involvement in a 2,200 crore cryptocurrency scam. However, the firm has categorically denied these reports.
Paytm's Statement
Paytm stated that it has not received any new notices or inquiries from the Enforcement Directorate regarding the matter. In a stock exchange filing, the company mentioned that the media reports are factually incorrect and misleading.
Impact on Paytm Shares
On Friday, Paytm's shares dropped around 9%, hitting a low of Rs 773.90 before slightly recovering to trade 3.36% lower at Rs 820.40 at 12:55 pm IST. The company's stock has been under pressure, sliding 10% over the last five trading sessions.
Company's Financial Results
The latest third-quarter financial results negatively impacted investor sentiment. The company's revenue fell 36% year-on-year to Rs 1,828 crore, while net losses shrank from Rs 222 crore in 2023 to Rs 208 crore.
Paytm continues to deny allegations of its involvement in the cryptocurrency scam. The further development of the situation will depend on the progress of the investigation and market reactions.
