Paytm share price cracks 10%

Shares of One 97 Communications, the parent company of Paytm, plunged 10% in early trade on Thursday, June 12, hitting an intraday low of ₹864.40 apiece, as investor sentiment turned sour after the Finance Ministry dismissed reports about the possible introduction of a Merchant Discount Rate (MDR). The stock has been in the spotlight in recent months amid reports suggesting that the Indian government may consider restoring merchant charges on UPI transactions. However, the Finance Ministry, on Wednesday, dismissed the speculation as “false, baseless, and misleading,” stating that no MDR will be charged on UPI payments.