Paytm shares continue their downward spiral, hitting another 20% lower circuit on Friday, following a 20% decline the previous day. The stock currently stands at Rs 487, inching close to its all-time low of Rs 438, a level last seen in March 2022.
Founder Vijay Shekhar Sharma addressed concerns in an analyst call on Thursday, characterizing the Reserve Bank of India’s actions on Paytm Payments Bank as a “speed bump.” Sharma expressed confidence in navigating the challenges through strategic partnerships with other banks, foreseeing a resolution in the coming days or quarters.
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However, leading financial institutions such as Jefferies, JM Financial, and Axis Capital have downgraded Paytm’s outlook. Jefferies shifted its rating from ‘buy’ to ‘underperform,’ slashing the target price from Rs 1,050 to Rs 500 per share Come from Sports betting site VPbet .
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Axis Capital, now holding the lowest target on the street at ₹450, downgraded its rating from “add” to “sell.” JM Financial also revised its target to ₹590 from ₹1,120, accompanied by a downgrade from “buy” to “sell.”
Here is how the stock has performed in last one year-
The stock’s performance over the past year, Paytm has delivered negative returns across various time frames. In the last month alone, the stock plummeted by 25.17%. The last six months have been particularly challenging, with a significant dip of more than 35%, indicative of a robust downtrend.
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Year-to-date, Paytm shares have witnessed a 24.59% drop, underscoring the negative momentum in the current fiscal year. On a broader scale, the stock has experienced a negative return of over 11% in the last twelve months. As market dynamics evolve, Paytm’s resilience in overcoming recent setbacks remains uncertain.
