The digital payments startup Paytm’s daily share trading limits were reduced by India’s stock exchanges from 20% to 10% in response to a $2 billion stock market meltdown that followed a regulatory crackdown on the business’s banking division.
The National Stock Exchange and the Bombay Stock Exchange announced on their websites that the new 10% limitations would take effect on Monday.
The most widely used digital payments service in the nation, Paytm, is dependent on the Indian central bank. Earlier this week, the bank instructed Paytm’s banking division to cease taking new deposits in its accounts or well-known wallets as of March.
After losing $2 billion on Mumbai stock exchanges this week, Paytm’s market worth plummeted to $3.7 billion.
