Paytm‘s share price extended losses for the third straight day on Wednesday morning going down over 3% to hit an intraday low of ₹391.10.

What Happened: Surinder Chawla, the managing director and CEO of Paytm Payments Bank tendered his resignation citing personal reasons and to explore better career prospects. His resignation is effective from June 26, as mentioned in the stock exchange filing. He will be relieved from his duties on June 26.

This follows Vijay Shekhar Sharma‘s resignation from the Board of Paytm Payments Bank earlier on February 26. The board of PPBL has been reconstituted with five independent directors, including an Independent Chairperson, and no nominees from the company.

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The fintech giant has been under fire ever since the Reserve Bank of India (RBI) imposed major business restrictions on January 31, including a halt on fresh deposits and credit transactions. The action was taken due to continued regulatory lapses by the company, the RBI had said.

Earlier in the week, global brokerage firm BofA Securities resumed coverage on the stock with an “underperform” rating and a target price of ₹400.

Amidst the storm, Paytm has witnessed a rise in the shareholding of domestic investors, primarily driven by mutual funds. Mutual funds have increased their stake by 1.17% to reach 6.15% in the March quarter.

Price Action: Paytm’s share price was down 2.44% to trade at ₹394.35 as the markets opened on Wednesday.

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