Paytm share price plunges 4% as president and COO Bhavesh Gupta resigns

Paytm's shares declined over 4.5 percent today following the resignation of its COO and president, Bhavesh Gupta, which was announced in a regulatory filing. The shares of Paytm were trading 3.8 percent lower at Rs 355.25 on the NSE. This year, the stock has fallen 45 percent so far and has significantly underperformed the benchmark Nifty, which has risen nearly 4 percent during the same period.

Bhavesh Gupta said in a letter, as per the company's filing, that his resignation would be effective from May 31 while he continues to support the company in an advisory capacity within the chief executive's office. 

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The company said in the filing, “His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024."

 

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Paytm has also announced the appointment of Rakesh Singh as the new CEO of Paytm Money and Varun Sridhar, the existing CEO, has been appointed as the Chief Executive Officer of Paytm Services Private Limited (PSPL).

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