Paytm shares Plunge 9% Amid reports Of ED investigation In Crypto scam
Paytm shares Plunged: shares of fintech massive One97 Communications, the figure agency of paytm, dropped as plenty as nine% to an intraday low of Rs 773.ninety on friday following reports that the Enforcement Directorate (ED) is investigating paytm as a part of a cryptocurrency rip-off.
The news induced a pointy decline in Paytm's inventory, which hit Rs 773.05 consistent with percentage on the NSE, representing a drop of nine%. via mid-morning, the stock had partially recovered, buying and selling 3.32% lower at Rs 820.ninety five in line with proportion.
but, the agency clarified in a inventory trade submitting that it had now not obtained any inquiry from the ED.
In a inventory change submitting, the business enterprise said it had no longer received any new notice or communique from the ED and termed the reports as "factually incorrect and misleading."
In reaction, paytm said, "We affirm that we've no longer received the sort of new note, communication, or query from the Enforcement Directorate concerning the problem stated within the media articles."
"The data posted is factually incorrect and deceptive and we had not received any query from the media prior to the publishing of this information article," it delivered.
Paytm is amongst numerous price gateways, including Razorpay, PayU, Easebuzz, and others, being investigated by the ED. The probe is attached to the HPZ Token cryptocurrency rip-off, allegedly run by chinese language nationals. over the past years, the ED has frozen almost Rs 500 crore in virtual bills across numerous systems, which includes paytm, in connection with the scam.
The accused are stated to have defrauded investors of over Rs 2,2 hundred crore, with the illicit price range being funneled out of India. The ED has frozen a element of these funds throughout transactions that had been held for brief intervals on charge gateway platforms.
according to the ED's research, paytm holds round Rs 2.8 crore of the alleged 'proceeds of crime,' whilst other structures like PayU and Easebuzz had large stocks.
Paytm Q3 effects
similarly to the research, One97 Communications lately mentioned a narrowing of its consolidated loss to Rs 208.5 crore for Q3 FY25, a mild improvement over the Rs 221.7 crore loss during the identical length final year. The company's revenue from operations for the zone fell by using 35.8% to Rs 1,827.8 crore, in large part due to declines in sales from price processing, monetary services, and marketing offerings.
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