Paytm parent One97 Communications' shares fell to a fresh all-time low on Tuesday, continuing to fall for the third session in a row. The Paytm stock slipped below the Rs 600 level for the first time since a weak listing in November 2021.

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Paytm shares dropped as much as 13.4 percent during the session to Rs 585 apiece on BSE, taking the discount to the issue price of Rs 2,150 to 72.8 percent.

The stock finished the day down 12.3 percent at Rs 592.4 -- an all-time closing low.

This makes Paytm one of the biggest wealth destroyers in the newly-listed universe.

Sustained selling pressure in Paytm shares comes at a time when the RBI has barred Paytm Payments Bank - the payments bank unit of the company - from taking on new customers. The banking regulator has also ordered a comprehensive audit of its IT systems.

The RBI has cited “material” supervisory concerns observed in One97 Communications’ payments bank, without elaborating.

Paytm has said it is taking immediate steps to comply with RBI directions, including appointing an IT auditor. The digital payments company believes the ban will not have a material impact on its overall business.

Many experts are skeptical of the growth prospects of new-age businesses such as Paytm.

Elixir Equities Director Dipan Mehta told CNBC-TV18 he is “not very clear on the road to profitability for Paytm”.

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In January, market veteran Shankar Sharma told CNBC-TV18 one should not be surprised if shares of new-age companies fall 80-90 percent by the end of 2022.

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First Published:Mar 15, 2022 3:24 PM IST