Senior Vice President Praveen Sharma Resigns From Fintech Firm; Paytm Denies Layoff

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New Delhi: Praveen Sharma, who served as Senior Vice President at Paytm has resigned from his position as confirmed by One97 Communications, the parent company of the fintech giant. The announcement was made public through notification to the Indian stock exchanges on Saturday.

Sharma, in his resignation letter mentioned his intention to explore "other opportunities" following his departure from the company. Before joining Paytm, he held leadership positions at google for nine years with a focus on India and the APAC region, according to an ANI report. ()

Sharma's resignation coincides with a period when the fintech company led by Vijay Shekhar Sharma is facing regulatory challenges from the Reserve Bank of India regarding its services. Vijay Shekher Sharma stepped down from the board of embattled Paytm Payments Bank Ltd (PPBL) prior to the incident. The reason he stepped down was to enable the reconstitution of the board. ()

Responding to recent rumors, Paytm strongly rejected reports claiming a 25-50 percent reduction in workforce in particular business segments. The company dismissed such reports as "baseless" and not accurately reflecting its operational and strategic plans.

The shares of One97 Communications closed at Rs 402.50 on friday, experiencing a decrease of 2.10 percent compared to the closing price of the previous day. The highest and lowest points of the share in the past 52 weeks are Rs 998.30 and Rs 318.35, respectively.