BENGALURU: Paytm shares slumped for a fourth consecutive session on Tuesday, after Reuters reported India’s federal anti-fraud agency was investigating if platforms run by the company have been involved in violations of foreign exchange rules.

The stock fell as much as 9.9% to a record low of 395 rupees ($4.76) on the National Stock Exchange before paring some losses to last trade down 6%.

Paytm shareholders have lost as much as $2.8 billion since the central bank last week ordered Paytm affiliate Paytm Payments Bank to wind down most of its business, including deposits, credit products and its popular digital wallets, by Feb. 29.

A Paytm spokesperson denied any violations of foreign exchange law, calling allegations “unfounded and factually incorrect.”