By Malvika Gurung
Investing.com -- Shares of the digital fintech company Paytm (NS: PAYT ) continued their free fall, sliding 3.9% to Rs 543.6 apiece at 12 pm, and recorded a new all-time low at Rs 541.2/share on Tuesday, having plunged 74.7% compared to its issue price of Rs 2,150.
The company’s market capitalization now stands at Rs 35,279 crore, eroding its valuation by over Rs 1.03 lakh crore, as opposed to its m-cap of about Rs 1.39 lakh crore at the time of listing in November 2021.
Banking regulator RBI banned Paytm Payments Bank from onboarding new customers to its platform on March 11, 2022, and a Bloomberg report on March 14 posted that the ban was put in place as the company violated rules by sharing local data with Chinese servers and failing to verify its customers properly.
Last week, the brokerage firm Macquarie (ASX: MQG ) slashed the fintech stock’s target price to Rs 450/share, while continuing to maintain its underperform rating, setting the most bearish target price for Paytm in the domestic market.
In an interview with CNBC TV-18 in January, market veteran Shankar Sharma stated that it would not be surprising if shares of new-age digital stocks like Paytm, Nykaa (NS: FSNE ), Zomato (NS: ZOMT ), Cartrade (NS: CART ) and PB Fintech (NS: PBFI ), among others, tank 80-90% by the end of 2022.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
418 low @nd shortly forLike 0
418 lowLike 0
418 lowLike 0
chat n hi dikhataLike 0