India, May 6 -- Shares of Paytm's parent entity One97 Communication dropped nearly 5% in the first hours of trading on Monday (May 6) to INR 351.70.

At 12:24 PM, Paytm shares were trading at INR 352.20 on the BSE, marking a 4.8% decrease from the previous close of INR 370.20.

This comes after Paytm's president and chief operating officer (COO) Bhavesh Gupta stepped down from the company last week.

Gupta cited personal reasons for tendering his resignation while Paytm attributed the move to a company-wide organisational restructuring.

Gupta's resignation was accepted by the fintech's board during a meeting on Saturday (May 4) and will be effective from May 31. He will transition to an advisory role within the company and will "guide" P...