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Paytm slumps to A 7-month low, brokerages cut price targets after postpaid loan scale down

Inc42 · 1y

Shares of Paytm plunged nearly 19% to a seven-month low of INR 661.3 on the BSE, following the company's decision to scale down its postpaid loans or BNPL lending category. Brokerages including Goldman Sachs and Jefferies have cut their price targets on Paytm, with Goldman Sachs also downgrading its rating to 'neutral'. The move comes after Paytm decided to focus on expanding high-ticket personal and merchant loans, following regulatory changes by the Reserve Bank of India. Paytm shares are now trading over 24% higher year-to-date.