Home Markets Crisis-hit Paytm in talks with top India officials after $2.5 billion market cap wipeout

Crisis-hit Paytm in talks with top India officials after $2.5 billion market cap wipeout

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A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021.

Sajjad Hussain | AFP | Getty Images

Financial technology firm Paytm has been in discussions with the upper echelons of the Indian government this week, as it tries to reverse a market rout that wiped some $2.5 billion off its value.

Paytm’s banking unit has been ordered by the Reserve Bank of India to stop accepting fresh deposits in its accounts or its digital wallet from March. It’s also reportedly being probed by the federal anti-fraud agency on possible violations of foreign exchange laws.

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