Paytm slips after payments bank chief quits

Paytm parent One 97 Communications confirmed that it has terminated 'nearly all agreements' between the company and Paytm Payments Banks.

Paytm shares fell nearly 3 percent on April 10 after Surinder Chawla stepped down as the Paytm Payments Bank managing director and chief executive citing personal reasons and to explore better career prospects.

Chawla will be relieved from his duties on June 26, the company said in a regulatory filing.

Paytm parent One 97 Communications reiterated in the release that "nearly all agreements between the company and PPBL have been terminated", and the board of Paytm Payments Bank has been rebuilt with five independent directors, including an independent chairperson, and no nominees from the company.

Founder Vijay Shekhar Sharma resigned from the board of embattled PPBL on February 26 to enable the reconstitution of the board.


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