Paytm stock falls 8%; fintech to acquire e-commerce startup amid payments bank crisis

Bitsila is the third-largest seller-side platform by transactions on the Open Network for Digital Commerce

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Shares of Paytm was trading 8 percent lower on February 9 morning,  a day after it was reported that the digital payments company is set to acquire Bengaluru-based Bitsila. The stock closed 10 percent lower the previous day. At 9:40 am, the stock was trading at Rs 410.60.

The stock has been under pressure since January 31  after the Reserve Bank of India (RBI) directed Paytm Payments Bank, the banking arm of Paytm, to stop accepting deposits or credit transactions or top-ups in customer accounts, prepaid instruments, wallets, FASTags, and NCMC cards after February 29.

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According to sources, Paytm is in the final stages of finalising a deal to acquire Bitsila, an interoperable e-commerce startup.

Bitsila is the third largest seller side platform by transactions on the Open Network for Digital Commerce (ONDC). Moneycontrol could not confirm the deal size and whether it is for cash or stock.

During a post-MPC conference, answering a query on Paytm, RBI Governor Shaktikanta Das said, “Let me put the record straight on the Paytm issue. There is no worry about the entire system. It is an issue with a specific institution”.

Das also said that  it was a supervisory action taken after repeated instances of non-compliance, and providing ample time to take corrective measures.

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