The stock price of One97 Communications, the parent company of Paytm, dropped significantly in today s trading session after recovering slightly from heavy losses in the past two trading days.
Paytm s stock is facing significant challenges as it has witnessed a substantial downturn and hit the 20% lower circuit limit for two consecutive trading sessions. The decline came after the Reserve Bank of India barred Paytm Payments Bank from conducting certain banking operations.
Shares of Paytm (listed as One97 Communications) rose over 3 per cent today as US financial services firm JP Morgan reinstated overweight rating despite a 71 per cent fall in the stock from its IPO price. The brokerage has cut target price of Paytm to Rs 1,000 from Rs 1,200 earlier. However, the fresh target price is still 62 per cent higher than the market price.