Paytm Share Update: The investors of Paytm are not taking the name of the end of the bad phase. For the first time in Wednesday’s trading session, the share price of Paytm closed down below Rs 1,000. During the day’s trading, Paytm had fallen to its lowest level of Rs 990. But at the end of the business, Paytm closed at Rs 997 per share.
Paytm stock closed below 1,000
On Wednesday again a huge sell-off was seen in the stock of Paytm. After slipping below Tuesday’s closing price of Rs 1041, the share of Paytm fell to Rs 990 and then settled at Rs 997. Since the stock of Paytm has been listed on the stock exchange, its valuation has fallen by more than 50 percent. Paytm’s market capitalization has come down by over Rs 75,000 crore since the downgrade of the brokerage house. Before listing in the stock market, the market value of Paytm according to the IPO price was Rs 1.39 lakh crore and today its market cap has come down to Rs 64665 crore.
Brokerage house downgraded
Let us tell you that Paytm had come up with the biggest IPO in the history of Rs 18,800 crore at the rate of Rs 2150 per share. Since the listing of the stock, the trend of decline in the stock continues. Recently, the company’s founder Vijay Shekhar Sharma has blamed this condition of Paytm’s stock for bringing the IPO at the wrong time. The reason for the fall in the share of Paytm is the new target of the brokerage house Macquarie Capital regarding the share of Paytm.
Macquarie slashes Paytm’s target
Foreign brokerage house Macquarie Capital has expressed the possibility of further fall in Paytm’s stock. Macquarie Capital has reduced the target of Paytm to Rs 900 per share. Which is 58 percent less than the current issue price. Earlier, Macquarie had reduced Paytm’s target to Rs 1200. According to Macquarie, Paytm’s business model lacks direction. According to him, making profit is a big challenge for Paytm.
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