Indian benchmark indices opened lower amid weak global cues. At 10.30 hours, the 30-share BSE index was trading 700 points lower at 58,337, and the broader NSE Nifty was down 225 points to 17,339.
State Bank of India followed PayTM Payments Bank as the second-largest beneficiary with 664.89 million transactions.
The stock fell over 6% to a record low of Rs 1,151 apiece on BSE and closed at Rs 1,157.90.
On Tuesday, share of One97 Communications (Paytm), closed 1.59% lower at Rs 1,318 after touching intraday low of Rs 1,313.
Moreover, mobile-wallet business is fast being rendered inconsequential due to an exponential rise and acceptance of UPI payments which are free and yet not monetizable.
The number of loans disbursed from the PayTM platform increased over four times to 27 lakh during the reported period, from 5.30 lakh a year ago.
Besides, it can participate in Marginal Standing Facility and will be eligible to partner in government-run financial inclusion schemes, according to a statement.
These companies are —RateGain Travel Technologies, Shriram Properties, CE Info Systems (MapmyIndia) and a Rakesh Jhunjhunwala-backed Metro Brands.
PMS is an investment service offered to HNIs with Sebi mandating a minimum investment of Rs 50 lakh.
Paytm Chairman and CEO Vijay Shekhar Sharma during an earnings call with analysts in the US said the company is seeing scale in system deployment and non-UPI revenue.
The company is reporting its earnings publicly for the first time since listing recently.
The comeback, which has pushed its market capitalisation to over Rs 1 lakh-crore mark, is said to have happened on the back of strong buying from institutional buyers.
Shares of Paytm's parent company One97 Communications continued to rally for the second consecutive day on Wednesday and further jumped over 17 per cent.
The counter, which had a deserted look for the past two trading sessions zoomed 9.90 per cent to close at Rs 1,494.95 on BSE.
Meanwhile, Vijay Shekhar Sharma, founder of Paytm, told his employees in a town hall not to get worried by the market perception and focus on expanding the business.