SoftBank’s managing partner Munish Verma on Tuesday resigned from the board of One97 Communications, the company’s parent company. Paytm, Verma was a non-executive and non-independent director on the board of the company, which owns the Paytm app. The resignation comes in keeping with SoftBank’s announced practice of stepping down from the boards of listed companies.
Paytm said in an exchange filing that after Verma’s resignation, his alternate director, Vikas Agnihotri, also stepped down.
SoftBank currently holds 17.4 per cent stake in Paytm, shows recent shareholding data from BSE.
Last week, the Reserve Bank of India barred Paytm Payments Bank from adding new customers.
The central bank’s order hurt the company’s stock price, which hit a record low of Rs 585 on Tuesday.
It closed at Rs 589, down 12.71 per cent on the NSE.