The stock climbed 4.98 per cent to ₹449.30 — its upper circuit limit — on the BSE even after a muted opening to the trade. Shares of the fintech firm exhibited highly volatile trends falling to the day’s low of ₹413.55. Later, the stock bounced back and quoted 1.18 per cent higher at ₹433.

At the NSE, shares of the company rallied 4.99 per cent to reach the highest trading permissible limit for the day at ₹449.50 despite a weak beginning.

Shares of One97 Communications had hit upper circuit limits on Monday and Friday as well.

Vijay Shekhar Sharma has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman.

The dramatic turn of events assumes significance in the backdrop of RBI’s crackdown on the Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns.

Last month, in a regulatory action the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 — a deadline that was later extended to March 15.

In a release on Monday, One97 Communications informed that its associate entity Paytm Payments Bank Limited (PPBL) has reconstituted its Board of Directors with the appointment of former chairman of Central Bank of India Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.

They have recently joined as independent directors, it elaborated.

One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.