Shares of One97 Communications, the Paytm parent, were locked in at the lower circuit level of 5 per cent on Monday after president and chief operating officer Bhavesh Gupta resigned from the company.

The scrip fell 4.99 per cent or ₹18.50 to finish at ₹351.70 on the BSE. On the NSE, it dropped 5 per cent to ₹351.40.

One97 Communications had said on Saturday that president and chief operating officer Gupta had resigned from the company.

He was leading the lending business, online and offline payments and compliances, among others.

“Bhavesh Gupta, president and chief operating officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year,” the statement from the company said.

Gupta joined Paytm in August 2020 from Clix Capital, formerly GE Capital. He will be relieved from the services of the company on May 31.

Paytm had then also said in a press statement that it was expanding its leadership team to build a large and profitable payment and financial services distribution business.

According to the company, the move is aligned with its ambition to ensure Paytm’s sustained growth across key business verticals, fostering innovation and strengthening its group structure for sustainability and regulatory compliance.

The company disclosed that it has also undertaken leadership transitions within its wealth subsidiary.

Rakesh Singh was appointed as the new chief executive officer of Paytm Money Ltd (PML). He was previously the CEO of the stock broking business at Fisdom and has held key management positions with ICICI Securities and Standard Chartered Bank.