Paytm, Pine Labs, Mobikwik shares crash up to 7% as UPI MPR fee rollout delayed beyond Diwali

Shares of Paytm parent One 97 Communications and Pine Labs crashed up to 7% on Tuesday afternoon after the implementation of the merchant discount rate (MDR) on select Unified Payments Interface (UPI) transactions was pushed beyond Diwali, missing the key festive season that analysts had expected to boost earnings of the fintech platforms with the new fees.

Paytm shares plunged more than 7% to hit an intraday low of Rs 1,571 apiece while those of Pine Labs dropped more than 5% to their day’s low at Rs 154.42 apiece on Tuesday. Mobikwik shares meanwhile dropped 4%.