NEW DELHI: Shares of digital payments firm Paytm plunged 5% on Friday after a proxy advisory firm opposed the reappointment of its chief executive officer (CEO) and managing director. Institutional Investor Advisory Services (IiAS) has said it opposes the reappointment of Vijay Shekhar Sharma as CEO and MD at the annual general meeting next week.
“Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We believe the board must consider professionalising the management…" IiAS said in a report dated August 9.
"We raise concerns that he is not liable to retire by rotation, and that he will be a permanent board member if he continues in a non-executive capacity following the end of his term as MD,” the report said.
Paytm’s consolidated loss widened to Rs 644.4 crore in the first quarter of FY23 as against a net loss of Rs 380.2 crore in the year-ago quarter. The stock closed at Rs 786 apiece on Friday, down about 5% from the previous day's closing.
Paytm’s loss widens in the first quarter
Paytm’s consolidated loss widened to Rs 644.4 crore in the first quarter of FY23 as against a net loss of Rs 380.2 crore in the year-ago quarter. The stock closed at Rs 786 on Friday, down 5% from the previous day closing