Paytm Plunges 4% As COO Resignation Hurts Talent Pool
Gupta’s resignation has been accepted by the company and he will be relieved from the services with effect from close of business hours on 31 May 2024
The stock of One97 Communication or Paytm plunged more than 4 per cent in the Monday trading session after the firm’s Chief Operating Officer (COO), Bhavesh Gupta declared his exit from the company.
The Paytm stock traded at Rs 354 with 4.3 per cent loss in the morning session on the National Stock Exchange.
“The Board of Directors of the Company at its meeting held on May 04, 2024 took note of the resignation tendered by Bhavesh Gupta, President and Chief Operating Officer of the company (‘Senior Management Personnel’) vide his letter dated 04 May 2024,” stated the firm in an exchange filing.
Gupta’s resignation has been accepted by the company and he will be relieved from the services of the company with effect from close of business hours on 31 May 2024.
However, Gupta will continue to serve the firm in an advisory position, as a part of overall organisational restructuring.
The Paytm stock has lost over 44 per cent year-to-date after back to back hits from the authority and institutions.
