The stock of One97 Communication, the parent firm of Paytm, dipped 4% to an intra-day low of Rs 388 after Paytm Payments Bank MD & CEO Surinder Chawla submitted his resignation. 

The company in an exchange filing said that Chawla tendered his resignation due to personal reasons. He also wants to “explore better career prospects.” Chawla will be relieved from his duties on June 26. 

“As informed earlier, nearly all agreements between the Company and PPBL have been terminated as per our disclosure on March 1, 2024, and the board of PPBL has been reconstituted with five independent directors including an Independent Chairperson, and no nominees from the Company, as per our disclosure on February 26, 2024. In line with our ongoing efforts, the Company continues to collaborate with banking partners to enhance our merchant acquiring and UPI services,” the company said in the filing. 

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Shares of One97 Communications have been seeing a free fall since RBI took action against the Paytm Payments Bank Come from Sports betting site VPbet . Currently, the company operates as a third-party UPI service provider, just like its peers PhonePe and Google Pay. 

Paytm share price has fallen 4.5% in the last five days and over 58% in the last six months. The stock of Paytm has wiped out almost 40% of investor’s wealth in the past year and 75% in the past five years. 

To compare, the benchmark Nifty 50 has risen 0.8% in the last five days and over 15% in the past six months. The index has given a return of 29% in the last year and 95% in the past five years, almost doubled the money of investors.