Jefferies Downgrades Paytm After RBI Ban, Halves Target Price To INR 500

Jefferies Downgrades Paytm After RBI Ban, Halves Target Price To INR 500

SUMMARY

Jefferies' new target price reflects a downside potential of over 34% for the Paytm stock

Shares of Paytm on Thursday (February 1) nosedived 20% to hit the lower circuit at INR 608.8 on the BSE

In an exchange filing, Paytm said that its wholly-owned banking subsidiary is taking immediate steps to comply with RBI directions, including working with the regulator to address their concerns as quickly as possible

Hours after the Reserve Bank of India (RBI) directed Paytm Payments Bank to cease all its deposits and credit transactions or top-ups in any of its customer accounts after February 29, brokerage firm Jefferies has downgraded the payment aggregator to ‘underperform’ from a ‘buy’ call and reduced the price target (PT) for the stock by more than half to INR 500 from INR 1,050.

Jefferies’ new target price reflects a downside potential of over 34% for the Paytm stock.

No results were found for "".
  • «
  • 1
  • »
modal lock

Continue Reading With A Free Inc42 Account

Get the most out of your Inc42 experience by creating a free account. Enjoy personalized recommendations, ad-lite browsing, and access to our exclusive newsletters.