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Most likely the washer on the end of the stem or the seat has failed. You will need to turn off the main water supply and replace the washer and seat. If you can supply me with the make and maybe model, or photos of your faucet I can give more detail repair instructions.
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I could not quickly find what I was looking for branding wise, so here is the general steps for any tub faucet repair.
Try this for the stem removal.