Paytm Stock: The decline in the shares of Paytm’s parent company One 97 Communications Ltd continues. The company is making fresh records every day in terms of decline in shares. The shares of Paytm had reached a fresh life time low during trading on Tuesday. The company’s shares fell 3 per cent to Rs 546.15 at a 52-week low on the BSE. This is the lowest price ever. According to IIFL Securities, further decline in the shares of the company can be seen.
Stock can go up to Rs 470
Anuj Gupta, Vice President, IIFL Securities live hindustan Said that the shares of Paytm can fall in the short term to reach around Rs 470 to 480. Nothing positive is visible for the company at this time. In such a situation, it is better to exit the company’s stock.
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He said that nothing is going well in the company at this time. Recently, RBI had announced to ban Paytm Payments Bank from adding new customers. Along with this, the bank was also asked to conduct a comprehensive audit of its IT systems. This has had a negative impact on the company’s stock. Apart from this, there was news about Paytm founder Vijay Shekhar Sharma that he hit a person’s car in Delhi, for which he was also arrested in February. Apart from all this, the business model of the company is nothing special and the company is running at a loss. However, the users of Paytm have not decreased.
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75% loss so far
Paytm shares have lost nearly 75 per cent from its issue price of Rs 2,150. The company was listed on the stock exchanges in November 2021. Paytm had kept the issue price of Rs 2150 in the IPO. The shares of the company have not yet reached this level. Paytm’s all-time high is Rs 1,961, which was recorded on the day of listing. Since then, there has been buying in the shares of the company only in a few business days, otherwise the shares of the company have remained in loss every day. At present, the company’s shares fell 3.40% to Rs 546.15 on the BSE, which has lost nearly 75 percent of its issue price. The company’s market cap has come down to Rs 35,000 crore.