Shares of One 97 Communications, the parent company of Paytm continued to decline for the third straight session on Monday.

What Happened: The company lost more than 6% after closing in the red in the last two sessions. On Friday, the company ended 4.45% lower. While the exact cause of the decline is not know, it may be due to profit booking after the recent run-up in the stock and overall risk-off sentiment in the broader market.

Monday’s decline also comes after the company announced some changes in its management. Manmeet Singh Dhody has resigned as the company’s chief technology officer of payments, the firm said in a press release of Friday. Dhody has been “transitioned” into a new role as an “AI Fellow” at the company, the company said.

Paytm has appointed Deependra Singh Rathore as the chief technology officer, payments, effective October 4. Rathore has been with the company and its associate firm, Paytm Payments Bank since January 2016.

He served as the senior vice president of technology, leading AI-driven strategic initiatives and managing the design and implementation of payment products and services. At Paytm, he has developed and improved payment technologies to offer comprehensive solutions for merchants and customers, including online payment gateways, QR payments and card payments, the company said.

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“We are excited to see Deependra Singh Rathore step into the role of CTO, and build for financial services in the AI age. We also welcome Manmeet as an AI Fellow, helping accelerate our vision of integrating AI-driven processes across our business operations," a spokesperson for the company commented.

The shares of the company have risen by 57.56% in past six month after hitting a 52-week low on May 9. In the past one year, company’s shares have dived by 27.34%.

Lat month, Emkay Global upgraded its rating for the payments giant to "add" from "reduce" increasing the target price to ₹750 from ₹375, representing a 100% upside for the company. The brokerage’s bullish stance was driven by easing regulatory challenges and improving business visibility for the firm.

Price Action: Paytm’s shares were down 5.50% to ₹656.95 on Monday afternoon.

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