Shares of One97 Communications, the owner of the Paytm brand, hit a lifetime low on Wednesday, falling as much as 5% in a weak market.
For quite some time, the stock has been declining. It has closed in the red 11 times in the last 12 sessions, losing 26% of its value. The stock is down about 54% from its IPO price.
The stock is now even closer to Macquarie analysts’ most bearish target price of Rs 900 on the counter, which also set the tone for Paytm’s initial fall when the stock was listed on exchanges.
One97 Communications, the largest ever initial public offering (IPO) on Dalal Street, went public two months ago to much fanfare. However, the situation has changed dramatically since then, with even analysts affiliated with its merchant bankers releasing targets far below the IPO price.
In the next 12 months, the most bullish target values the stock at Rs 1,875, nearly double its current level.
The company recently stated that its lending business has grown “stellarly.” Paytm CEO Vijay Shekhar Sharma also stated that the market undervalues the company’s payments business. All of this, however, has done nothing to help the stock, which has been in free fall.
In the next 12 months, the most bullish target values the stock at Rs 1,875, nearly double its current level.
The company recently stated that its lending business has grown “stellarly.” Paytm CEO Vijay Shekhar Sharma also stated that the market undervalues the company’s payments business. All of this, however, has done nothing to help the stock, which has been in free fall.
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