Paytm was listed in the stock market in November last year and since then its CEO Vijay Shekhar Sharma has lost a huge amount of above 85 Crore Indian Rupees every day. The reason behind this is understood as the decision of the Reserve Bank of India according to which the Paytm Payments Bank was barred from making new customers. Not only that, the RBI ordered an IT Audit within the company.
Due to this the Paytm CEO who was having a wealth stand of more than US Dollars 2.30 Billion before the listing of Paytm’s IPO, dropped to as low as US Dollars 999 Million. Due to this huge fall in the stock of Paytm, which is considered a Fintech giant in India, its CEO Sharma has lost his Billionaire status. Paytm was once the talk of the town but after the company lost almost 88Crore INR every day, its value has collapsed.
The Indian Fintech giant has lost almost One Trillion which is a considerable amount. Due to the controversies, this startup has faced when RBI barred Paytm Payments Bank to add on more customers. This is the second time Paytm has faced this kind of restriction ever since its inception from the year 2015.