From Dow Jones & Company:

Shares of One 97 Communications Ltd. are dropping after a bank used by the Paytm mobile payments service was effectively shut down by bank regulators. The Reserve Bank of India restricted further deposits, credit transactions, utilization of balances, and banking services for PayTM Payments Bank Ltd. The bank’s nodal accounts will be terminated at the latest on Feb. 29. One 97’s stock has plummeted 36% in the last two days. J.P. Morgan recommended investors to sell and downgraded the stock to underweight from neutral. The order “materially impacts” Paytm’s payments business, which is 59% of revenue.



Read more: Paytm troubles send One 97’s stock plunging, prompting analyst’s ‘sell’ call