Amidst all-around selling, the stock market has declined for the fifth consecutive day. The Sensex fell more than 550 points after the market opened on Monday. In the meantime, Paytm’s investors’ plight is not improving. Paytm’s share price fell further to Rs 910 on Monday.
Paytm’s stock hits new record lows
Shares of Paytm’s parent company One97 Communications Ltd were trading 4.37 percent lower at Rs 917.95 at 10:15 am. A new 52-week low of Rs 909.05. was reached as a result of this. Paytm’s stock has been steadily declining since it was listed in the market after its recent IPO.
One month drop of 33%
Ever since the company entered the open market after its recent IPO, it has been losing money. It was the first time that Paytm‘s stock fell below Rs 1000 last week. Paytm’s stock fell by more than 33 percent during the last month.
Macquarie’s prediction is about to come true
Macquarie Securities India has recently set a new target price of Rs 900 for Paytm. Since it continues to decline, it seems that the firm’s estimate could be accurate. Macquarie is the first brokerage company to place a target price below Rs 1,200 on Paytm’s stock.
More than 57% has been lost by investors
Paytm’s parent company One97 Communications went public on 18 November 2021. The issue price was Rs 2,150. On the day of listing, there was a big fall in the stock. It fell to Rs 1,961.05. Since then, the stock price of the company has not reached the listing price. The investors who have invested in the IPO so far have lost more than 57 percent compared to the issue price.