Paytm shares slide 4% on COO Bhavesh Gupta's exit

Shares of One 97 Communications Ltd, which runs fintech platform Paytm, opened more than 3% down on Monday, a day after the company announced that its chief operating officer and president Bhavesh Gupta resigned.

Gupta, along with the company's chief financial officer Madhur Deora, comprised the top deck of the Noida-headquartered company.

At 9.35 am, shares of One 97 Communications were trading at Rs 355.50 apiece, nearly 4% down from its previous close on the BSE.


The company has a lower circuit of 5% at Rs 351.70 per share.

Gupta will be transitioning into the role of advisor to Paytm founder and CEO Vijay Shekhar Sharma's office.

Along with Gupta, Varun Sridhar, CEO of Paytm Money, has also moved into a different role within the group. He has been appointed CEO of Paytm Services, a subsidiary entity dedicated to distributing mutual funds and wealth products. Paytm Money has a new CEO in Rakesh Singh, who was previously with PayU-backed wealth tech startup Fisdom.