Brokerages bullish but Paytm shares continue to decline; slip below Rs 800 as scrip hits yet another 52-week low

Even as brokerages turn bullish on Paytm after the massive correction the stock witnessed since its poor listing, the shares of digital solutions provider continue to hit fresh lows

Shares of Paytm hit yet another 52-week low as the stock touched Rs 782.30 a share on the BSE in Tuesday's intraday trade amid high volatility in the domestic equity market.

Even as brokerages turn bullish on Paytm after the massive correction the stock witnessed since its poor listing, the shares of digital solutions provider continue to hit fresh lows.

Shares of Paytm hit yet another 52-week low as the stock touched Rs 782.30 a share on the BSE in Tuesday's intraday trade amid high volatility in the domestic equity market.

At 12.35 pm, shares of One 97 Communications Ltd (Paytm) were trading marginally higher by RS 3.20 per share to 810.20 apiece on the BSE. Shares of digital payment services company have declined 64% on its issue price of Rs 2150 a share. In the past five trading sessions, the shares have corrected more than 6% on the NSE.

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Shares of Paytm has traded n 52-week high value of Rs 1,961.05 on November 18, 2021.

Earlier, brokerages have posted positive target for Paytm Shares after relentless fall.

Giving a buy rating, ICICI Securities Initiated coverage on this counter and sees a target price of Rs 1352 for this stock. This is an upside of 64% on CMP or base price of Rs 833 a share.

"We initiate coverage on the stock with BUY rating. Key risks being below expected monetisation through financial services business and unfavourable regulatory outcomes, "said ICICI Securities.

Earlier, Goldman Sachs too has retained a 'buy' rating with a target price of Rs 1,460 for Paytm. Retaining the rating, Goldman Sachs said, "Paytm continues to gain market share across UPI as well as non-UPI payment segments. Its lending business is seeing strong traction too."

Fintech major Paytm's parent One 97 Communications had reported a consolidated net loss of Rs 778.5 crore for quarter ending 31 December, 2021. The firm had posted a loss of Rs 481.70 crore in the September quarter and Rs 535 crore in the year-ago period.

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