SoftBank-Backed Paytm Shares Drop as Proxy Adviser Seeks New CEO

Shares of digital payments provider Paytm dropped the most in a fortnight after a proxy advisory firm asked shareholders to replace founder Vijay Shekhar Sharma as the company’s chief executive officer.

Shareholders should vote against Sharma’s reappointment, and the board must bring in a professional to the role, Institutional Investor Advisory Services India Ltd. recommended in a note ahead of the fintech firm’s Aug. 19 annual general meeting.