India’s Paytm drops after probe agency says co violated forex laws — TradingView News

** Paytm PAYTM slips as much as 3.3% to 702.80 rupees

** India’s financial crime fighting agency says probe revealed co, units violated foreign exchange laws “to the tune of 6.11 bln rupees (~$70 mln)”

** PAYT says it is working to resolve matter in accordance with applicable laws, regulatory processes

** Stock dropped as much as 4.4% on Monday after co said it got show-cause notice from Enforcement Directorate for allegedly violating Foreign Exchange Management Act during 2015-2019

** Stock rated “hold” on avg; median PT is 950 rupees – data compiled by LSEG

** PAYT drops 29% YTD

($1 = 87.3620 Indian rupees)