India's Paytm slumps after government says reports of UPI transaction fees false
June 12 (Reuters) - Shares of digital payments firm Paytm (PAYT.NS), opens new tab slumped as much as 10% on Thursday after India's finance ministry said, opens new tab that reports about the introduction of fees on the popular unified payments interface (UPI) transactions were false and baseless.
The shares posted their sharpest intraday fall since February 2024, before coming off lows to trade down 8%. India's benchmark Nifty 50 (.NSEI), opens new tab was trading 0.2% lower.
In India, merchants pay fees to banks or payment service providers, such as Paytm, for transactions. There is no fees on UPI payments.
The delay or non-introduction of the fees is "sentiment negative for Paytm", brokerage UBS said, adding that the firm's adjusted core profits could decline more than 10% in fiscal years 2026 and 2027 if increased incentives are absent.
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The National
27 minutes ago
- The National
Starmer's approach to global trade is clearly not ‘pragmatic' at all
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READ MORE: Police and fire brigade attend fire at Keir Starmer's house I ask again, when is enough going to be enough? Presidential adviser Stephen Miller, creep of creeps, has just announced a possible end to habeas corpus – the foundation stone of the most basic democracies. This follows the deportation of US citizens by ICE and Trump's befuddlement over whether or not he has to 'follow the constitution'. I just wait to see who Westminster will send along to represent Britain (England) at Trump's birthday military parade. Yes – the military parade for the draft dodger who has mocked veterans and banned transgender people from serving in the US military. Might I nominate Tony Blair as the perfect envoy to watch real heroes march by as slimeballs look down from a gold balcony? Amanda Baker Edinburgh I KNOW that modern journalists are generally illiterate about anything to do with religion these days but I would have thought that a journalist for The National would know a little more about the Scottish Catholic Church than shown in your article of May 9 on the election of Pope Leo XIV. The journalist quotes 'international development charity Cafod' about the Pope, obviously oblivious to the fact that this is the aid and development agency of the Catholic Church in England and Wales. Scotland's equivalent, Sciaf (Scottish Catholic International Aid Fund) is ignored, as is any source from the Scottish Catholic Church. READ MORE: Richard Murphy: Pope Leo can yield power stronger than political force The Vatican is the only state in the world which recognises Scotland as a separate entity from the rest of the UK. The then Pope Leo XXIII restored the Scottish hierarchy in 1878 and the current Scottish Bishops' Conference was born. 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All part of the anglicisation of Scotland, after the Tories changed the name of the parent company from RBS to the NatWest (National Westminster) Group in 2020? A Wilson Stirlingshire
Reuters
an hour ago
- Reuters
India central bank steps in to contain fallout of oil price jump on rupee, traders say
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Reuters
an hour ago
- Reuters
China delays approval of $35 billion merger between Synopsys and Ansys, FT reports
June 13 (Reuters) - China's State Administration for Market Regulation has postponed its approval of a proposed $35 billion merger between two software companies - Synopsys (SNPS.O), opens new tab and Ansys (ANSS.O), opens new tab, the Financial Times reported on Friday.
