Paytm shares hit 20% lower circuit for 2nd day; Jefferies, Macquarie cut target price
Jefferies cut the target price on Paytm by more than half to ₹500 from ₹1,050 per share; Macquarie lowered its target price to ₹650 per share.
Jefferies cut the target price on Paytm by more than half to ₹500 from ₹1,050 per share; Macquarie lowered its target price to ₹650 per share.
Snapping five sessions gaining streak, Paytm shares declined as much as 3.5% as investors booked profit at higher levels.
Jefferies has set a target price of ₹1,300 for Paytm, a 34% upside compared with its closing price on October 19.
Paytm parent One97 Communications shares surged 35% in the last four sessions as investors cheered its December quarter earnings.
Paytm share price rallied 20% to hit an intra-day high of ₹669.60 on the BSE on Tuesday after some foreign brokerages recommended “Buy” rating on the stock.
Founder and CEO Vijay Shekhar Sharma expects Paytm to become a free cash flow generating company in the next 12-18 months
The stock fell 4% in the intraday trade to hit a fresh low of ₹542 on BSE.
The brokerage retains its 'underperform' rating on the stock.
The stock plunged 12% to ₹592.40 on BSE, dropping out of the 100-most valued companies listed on the exchange.
ICICI Securities initiates coverage on Paytm with a 'Buy' rating, indicating an upside of 67% from the stock's current level.