NEW DELHI, Feb 5
One97 Communica-tions Ltd, which owns the digital payments firm Paytm, on Monday, refuted reports of an investigation into violation of foreign exchange rules by Paytm or its associate Paytm Payments Bank Limited.
The company said to address recent misinformation, factual inaccuracies, and speculation, it would like “to set out the company’s position and directly address rumors in the recent misleading media reports about the company.” One97 Communications Ltd said this is being done in the interest of transparency, and protecting its reputation, customers, shareholders, and stakeholders from being influenced by unwarranted and speculative stories.
“The company filed a specific clarification yesterday, categorically denying any investigation by the Enforcement Directorate on OCL, our associates and our management. We have since seen additional media reports making baseless speculations about investigations of the Company or its associate Paytm Payments Bank Limited (PPBL) for violation of foreign exchange rules. We would like to reiterate that the company and its associate Paytm Payments Bank Limited are not the subject matter of any such investigation. Such media reports are entirely misleading, baseless and malicious, which harm the interests of all our stakeholders.”
Meanwhile, shares of One97 Communications Ltd fell by another 10 per cent to hit its lower circuit limit, as investors continued to dump the stock following the RBI’s crackdown. In three days, the stock has tumbled over 42 per cent, wiping out Rs 20,471.25 crore, from its market valuation.
