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Macquarie cuts Paytm price to Rs 275 after RBI crackdown

Economic Times · 1y

Brokerage firm Macquarie has downgraded Paytm to 'underperform' and reduced its target price from Rs 650 to Rs 275. The downgrade is attributed to the risk of customer exodus following regulatory actions on Paytm Payments Bank by the Reserve Bank of India (RBI). Paytm's stock has fallen over 40% since the RBI order, and Macquarie anticipates a decline in both payment and distribution business revenues. Lending partners are also reconsidering their relationship with Paytm, impacting the lending business revenues.