The Reserve Bank of India (RBI) in March had barred Paytm Payments Bank from onboarding new customers, citing “material supervisory concerns” observed at the bank.
The proposal to set up a joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20.
The losses, however, narrowed on a sequential basis. Its consolidated loss stood at Rs 778.4 crore in the quarter ended December 2021.
Sharma said that the estimates are well ahead of estimates by most analysts.
Earlier this month, Macquarie reduced the target price of stocks of One97 Communications Limited, Paytm's parent company by 36 per cent from Rs 700 to Rs 450.
SoftBank had invested approximately $1.4 billion in One97 Communications four years ago, acquiring a 17.4 per cent stake in the company. It also has a 12.4 per...
At 11:49 am, the Sensex was up as much as 421 points at 56,078 and Nifty 50 advanced 121 points or 0.73 per cent at 16,752.
Shares of One97 Communications, the parent of financial technology firm Paytm, plunged as much as 13.25 per cent to hit record low of Rs 672
In early trade, it had tumbled over 7 per cent after the company reported a widening of consolidated loss to Rs 778.5 crore in the December 2021 quarter.