Paytm's stock surged to hit the 5 per cent upper circuit limit in early trade, maintaining its upward trajectory on Dalal Street. With this, Paytm shares have rebounded 16 per cent in the past just three trading sessions.
Global brokerage firm Macquarie downgraded Paytm s rating to Underperform and significantly lowered its target price to ₹275 per share. This revised target price indicates a 35% downside from the current trading price of ₹396 per share.
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.