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.