Macquarie cuts Paytm target price by 58%

Feb13,2024



Mumbai: Paytm faces a “serious risk” of customer migration in recent times regulatory orderIts monetization as well as its business model is putting the brokerage house at great risk. macquarie Equity Research said in a recent note. The firm downgraded parent company One97 Communications to an underperform rating and cut target price Increase from earlier Rs 650 to Rs 275.
Analysts Suresh Ganapathy and Punit Bahlani said in the note that transferring Paytm Payments Bank (PPBL) customers or related merchant accounts to other bank accounts will require KYC again, indicating that the RBI's February 29 deadline will be met. Transferring within will be a difficult task. Share price of One97 Communications closed at Rs 380, down 10% on Tuesday. RBI has directed PPBL to stop accepting money in any customer accounts including wallets and other prepaid instruments from March 1.



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