Shares Of Paytm Fell By Nearly 4 Percent In Early Trade

Shares of Paytm broken on allegations of links with Chinese companies, what was said on the seized amount? Learn.

Today, on Monday, Paytm shares fell by nearly 4 percent in early trade, while the benchmark indices were trading in the green.

Market experts believe that Paytm’s name has happened because of its association with Chinese lending companies.

However, in relation to the action of ED, Paytm has said that it has no link with Chinese companies.

The ED said that Rs 17 crore deposited in the “merchant ID and bank accounts” of these companies controlled by some Chinese persons have been seized in the raids.

The agency has said that these companies use fake documents of Indian citizens to make them directors in a fake manner.

While the control and operation of these companies remain in the hands of the people of China.

Shares fell up to Rs 681 intra-day

Paytm said, “The ED had directed to withhold certain amounts from the merchant IDs of certain merchant entities.

We would like to state that none of these funds, which have been directed to be withheld, are related to Paytm or any of our group companies.”

Let us tell you that in the investigation of the Chinese loan app case, the Enforcement Directorate (ED) also raided the offices of Paytm.

The company’s shares recovered slightly after the initial fall and were at Rs 709.30, showing a fall of 2.42 at 11.15 am.

In intraday, the shares of Paytm had reached the level of Rs 681. One97 Communications is the parent company of Paytm, which provides digital financial services.

We will fully cooperate with ED: Paytm.

The company on Sunday denied that the company had anything to do with the merchants who were implicated in the Chinese loan app case.

The company said in an exchange filing that the Enforcement Directorate (ED) had sought details of those merchants to whom payment processing solutions have been provided by Paytm in connection with the ongoing probe into certain merchants.

Paytm said, “We would like to clarify that all these merchants are independent entities and none of them is related to our group.”

It was also said by the company, “We are cooperating fully with the authorities and will continue to do so.”