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Managing Partner at SoftBankInvestment Advisers, Munish Varma, has tendered his resignation from the board of One 97 Communications Limited, the parent entity of Paytm, and PolicyBazaar parent, PB Fintech, according to a filing made with the exchanges.

SoftBank, which is an investor in both companies, will continue to hold its stake. SoftBank holds around 17.5 percent stake in Paytm and nearly 13 percent stake in Policybazaar. 

Moneycontrol first reported the developments earlier in the day citing anonymous sources. Reports said that Munish Varma’s resignation as the non-executive director from the board of both entities was in keeping with the Japanese investor’s policy of asking executives to step down from boards of listed portfolio companies.

Paytm in the filings said that Vikas Agnihotri, Operating Partner at SoftBank, will cease to be alternative director, consequent to Munish Varma’s resignation.

At the end of Tuesday’s trade, Paytm stocks closed Rs 592.40 apiece, nearly 70 percent decline from its list price of Rs 1,995 on BSE. The stock price saw a 12.28 percent decline over the previous day’s trade. Policybazaar shares closed at Rs 689.20 apiece, a 0.51 percent decline from the previous day’s trade.