Paytm Share Price: After the ban on Paytm Payment Bank by RBI, there has been a huge selling phase in the shares of its parent company One 97 Communication. Due to this reason, a large number of investors have got trapped in Paytm. I talked to experts about its stock as to what investors should do in this stock now.
What to do with Paytm shares now?
Rajesh Sinha, senior research analyst, Bonanza Portfolio, said Paytm shares have declined for the third consecutive session. Even today the stock has a lower circuit of 10 percent. In the previous two sessions, the stock had slipped more than 36 percent.
He further said that RBI may also cancel the license of Paytm at the beginning of next month. At the same time, as per RBI order, most of the services of Paytm will be closed after 29th February. Brokerage houses like Jefferies and Macquarie have fixed the target price of Paytm at Rs 500 and Rs 650. We feel that Paytm’s stock will remain under pressure till then. Until the management finds a solution to this problem.
Denied money laundering
The ongoing media reports regarding money laundering have been rejected by the company. The company also said that it follows all Indian laws and takes any instructions from the regulators with full seriousness.
In a statement issued by the company, it was said that neither the company nor the founder and CEO have been called by ED to investigate money laundering. However, it was clearly said in the statement that some merchants and users associated with the platform will definitely be investigated and they are ready to corporate with government agencies.
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