The stock has been in a declining trend for a while now. It has closed in the red 11 times in the last 12 sessions, declining 26 per cent in the process. The scrip has fallen about 54 per cent from the IPO price.
The stock is now even closer to the most bearish target price of Rs 900 on the counter, set by Macquarie analysts, who also set the tone for Paytm’s initial fall when the stock got listed on exchanges.
One97 Communications, the largest ever initial public offer (IPO) on Dalal Street, got listed with much fanfare two months back. But the situation has changed a lot since then, with even analysts associated with its merchant bankers coming out with targets far below IPO price.
The most bullish target pegs the stock at Rs 1,875, nearly double of the current level, in the next 12 months.
The company recently said it has seen “stellar” growth in its lending business. Paytm CEO Vijay Shekhar Sharma also said the market was underestimating the company’s payments business. However, none of this could help the stock which has been in a freefall.
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As of 1.25 pm, the stock was down 4.08 per cent at Rs 999.
