Opposition to re-appointment of Vijay Shekhar Sharma as CEO, Paytm’s shares turned strong, fell more than 6%.

New Delhi: Questions have been raised on handing over the command of Paytm to Vijay Shekhar Sharma again. Advisory firm Institutional Investor Advisory Services India (IIAS) has cautioned shareholders. The advisory firm has advised that they should not support the reappointment of Vijay Shekhar Sharma as MD and CEO. IIAS is a proxy advisory firm. It gives advice to funds on how they should vote. After the advisory, the pressure on Paytm shares increased. During trading in the market, the company’s stock fell more than 6 percent at one time.

In the previous session, the stock of Paytm closed at Rs 825.50. On Friday, it opened weak at Rs 820. Its high level remained the same. At one time this stock had fallen to Rs 775.

Advisory firm IIAS has opposed the re-appointment of Vijay Shekhar Sharma as CEO and MD. The annual general meeting of Paytm’s parent company One97 Communications is to be held on August 19. In this, the shareholders will vote on many types of proposals. These include the proposal to re-appoint Vijay Shekhar Sharma as the CEO and MD of Paytm.

IIAS has said in its report that Vijay Shekhar Sharma made several commitments earlier. These were done to bring profit to the company. However, they were to no avail. The firm said that the board should consider making the management more professional.

The advisory firm also reported that the shares of Paytm have fallen 63.6 per cent from the issue price of Rs 2,150 since the listing on August 11. The stock closed at Rs 825.50 on August 11. This caused huge losses to the shareholders. Paytm has reported a net loss of Rs 644 crore in the April-June quarter.