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Paytm Share Price Today: One 97 Communications i.e. Paytm shares also registered a fall today. This stock has been falling continuously since the first day of its listing on the stock exchange. Paytm stock is trading at Rs 595 with a fall of Rs 2.05 today. Market experts say that this stock will fall further.
Jama Wealth CEO Ram Kalyan Meduri has advised investors to stay away from glamorous IPOs like Paytm. He said that the company does not have a clear business model as of now and it will take time for retail investors to gain clarity and understanding on this. The share of Paytm has lost 70 percent from its issue price.
still further down
In a conversation with Moneycontrol, Ram Kalyan Meduri said that the stock of Paytm may go below Rs 450. He said that with global central banks starting to raise rates to absorb liquidity, it may become difficult for equity companies to raise funds under fresh rounds, which may force them to make more exits.
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The CEO of Jama Wealth said, the market has already weakened due to the war between Russia and Ukraine and the tough stance of the US Fed. Traders can take advantage of further developments by taking positions as the market remains volatile.
Macquarie slashes price
Brokerage firm Macquarie has reduced the price target of Paytm’s stock by 35 per cent to Rs 450. The issue price of this share was Rs 2150 and it has so far given a loss of more than Rs 1500 per share to the investors. Suresh Ganapathy of Macquarie Capital Securities India, while continuing the underperform rating of Paytm’s parent company One 97 Communications, has reduced its target price to Rs 450.
Last week, RBI prohibited Paytm Payments Bank from making new customers. This has reduced the chances of Paytm Payments Bank converting itself into a small finance bank.
Paytm had launched its IPO in November last year. The company had fixed a share price of Rs 2150 in the IPO. The company’s shares were listed on the stock exchanges on 18 November. It got listed at a price of Rs 1,560 below the issue price.
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Tags: Paytm, Share market, stock market
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