Paytm Confirms Senior Executive’s Resignation (Image Source: Twitter)
One97 Communications Ltd (OCL), the entity behind the Paytm brand, confirmed the resignation of Praveen Sharma, Senior Vice President – Business, effective March 23.
As per the company’s filing on the BSE, “we wish to inform that Mr. Praveen Sharma, SVP – Business of the Company has tendered his resignation today vide letter dated March 23, 2024. He will be relieved from the services of the Company w.e.f. close of business hours on March 31, 2024.”
According to the latest company filing, Praveen Sharma, Senior Vice President – Business at One97 Communications Ltd (OCL), the parent company of Paytm, has resigned from his position to explore new opportunities.
Responding to circulating speculations, Paytm vehemently refuted claims suggesting a significant reduction in workforce, ranging between 25-50 percent across specific business segments. The company dismissed such reports as unsubstantiated and not reflective of its operational or strategic planning.
According to Paytm’s filing, the organization is presently engaged in its routine annual appraisal process, aimed at evaluating and improving team performance. This process, standard in various industries, focuses on performance assessments and role alignments, with no indication of impending layoffs.
The exchange filing said, “The claims of layoffs affecting 50% of our workforce are unfounded and misleading. We are focused on sustainable growth, innovation, and providing exceptional service to our customers. We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives.”
Further, Paytm clarified that any restructuring efforts or performance-related adjustments should not be misconstrued as workforce reductions. The company assured its dedication to growth and operational efficiency while maintaining stability within its workforce.
On Friday, the shares of One97 Communications closed at Rs 402.50, 2.10 per cent down from the previous day’s closing. The 52 week high and low of the share is Rs 998.30 and Rs 318.35 respectively.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
