Paytm shares fell by 5% after CTO's resignation, Deependra Singh to take over

by Psu Connect
Date: 07-10-24

The board has approved the appointment of Deependra Singh Rathore as Chief Technology Officer - Payments, effective October 4.

The shares of One 97 Communications dropped by 4.69 percent on the NSE during Monday's intraday trade. This decline followed a top-level management change, with Manmeet Singh Dhody stepping down as Chief Technology Officer - Payments, effective October 4. Dhody has transitioned to a new role as an AI Fellow at the company.

The board has approved the appointment of Deependra Singh Rathore as Chief Technology Officer - Payments, effective October 4. Previously, Deependra Singh Rathore served as Senior Vice President of technology at Paytm, the company said in an exchange filing on Friday.

“At Paytm, he has built and enhanced payment technology to provide exhaustive payment solutions to merchants and customers such as online payment gateway, QR payments, and Card Payments.

Before joining Paytm, Mr. Rathore worked with Agnity, Snapdeal from 2004 to 2016 as an Engineering Manager,” One 97 Communications said in the filing.

Recently, domestic brokerage firm Emkay upgraded the stock to add from reduce. Notably, the brokerage raised the target price by 2 times or 100 percent to Rs 750 per share, from Rs 375 earlier.

Analysts at Emkay said easing regulatory stance shall pave the way for approvals from the National Payment Corporation of India (NPCI)/Reserve Bank of India (RBI) to onboard new users/online merchants which should drive the business turnaround. Additionally, Paytm’s cost optimization measures should put the company on the early path to profitability.