Paytm’s Rs 26,000 Crore Saga: Shares Plummet Amid RBI Ban-
हिंदी में पढ़ें: [Paytm के बैन के चलते रुपये की 26,000 करोड़ की हानि, स्टॉक लुढ़का]
Today, the market witnessed a significant downturn in the shares of One 97 Communications, the parent company of Paytm, as they nosedived by up to 9% on the Bombay Stock Exchange. This plunge comes hot on the heels of a mass exodus of kirana stores from the once-popular ‘Paytm Karo’ campaign and the relentless stance of the Reserve Bank of India (RBI) against Paytm Payments Bank, as reported by ET.
In the past 10 trading days following the RBI’s ban announcement, the company’s stock has suffered a staggering 55% decline in value, resulting in a staggering market capitalization loss of Rs 26,000 crore.
The global brokerage giant Macquarie, which has had a rollercoaster relationship with Paytm stock, has now downgraded it to ‘underperform,’ setting a target price as low as Rs 275. Just a year ago, Macquarie had showered the stock with a double upgrade, setting a target price of Rs 800. However, in 2022, the target price was revised downward to Rs 450 with an ‘underperform’ rating.
Macquarie’s revised stance stems from its belief that Paytm is currently locked in a battle for survival. Recent regulatory actions have placed the company at grave risk of losing its customer base, posing a significant threat to its monetization and overall business model.
According to Macquarie analyst Suresh Ganapathy, the brokerage has drastically slashed revenue projections for both the payments and distribution arms by 60-65% over FY25/26E. Furthermore, based on channel checks with partners, the migration of payment bank customers to other bank accounts or the transfer of related merchant accounts to other banks will require the completion of Know Your Customer (KYC) procedures, making it challenging to meet the RBI’s migration deadline of February 29th.
RBI Governor Shaktikanta Das has reiterated that there is limited room for reconsideration of the actions taken against Paytm Payments Bank. Consequently, market experts are advising retail investors to exercise prudence and refrain from investing in the company until the regulatory hurdles are addressed.
Vinit Bolinjkar of Ventura Securities emphasized that the RBI has closely monitored Paytm’s activities in recent years, noting consistent regulatory violations. With hefty penalties levied against the company, its entire business model has been upended, leading to a recommendation to steer clear of this stock.
In line with Macquarie’s findings, lending partners are reassessing their ties with Paytm, potentially resulting in a downturn in lending business revenues if partners opt to scale back or sever their association with the company.
हिंदी में पढ़ें: [Paytm के बैन के चलते रुपये की 26,000 करोड़ की हानि, स्टॉक लुढ़का]
आज बाजार ने वन 97 कम्युनिकेशंस, पेटीएम की कंपनी के शेयरों में एक महत्वपूर्ण गिरावट देखी, जो बॉम्बे स्टॉक एक्सचेंज पर 9% तक गिर गए। यह गिरावट एक समय की लोकप्रिय ‘पेटीएम करो’ अभियान से किराना दुकानों के लिए और भारतीय रिजर्व बैंक (आरबीआई) की पेटीएम पेमेंट्स बैंक के खिलाफ सख्त स्थिति के कारण है।
पिछले 10 ट्रेडिंग दिनों में आरबीआई के बैन के घोषणा के बाद, कंपनी के शेयरों का मूल्य लगभग 55% की हानि हो गई है, जिससे 26,000 करोड़ रुपये की बाजार मूल्य की हानि हो गई है।
वैश्विक ब्रोकरेज शत्रु मैक्वायरी ने पेटीएम के शेयर को ‘अनुप्रदर्शन’ में डाउनग्रेड किया है, और लक्ष्य मूल्य को इतना कम किया है कि 275 रुपये हो जाए। बस एक साल पहले, मैक्वायरी ने शेयर को डबल अपग्रेड किया था, लक्ष्य मूल्य को 800 रुपये के रूप में निर्धारित किया था। हालांकि, 2022 में, लक्ष्य मूल्य को 450 रुपये में कम करके ‘अनुप्रदर्शन’ रेटिंग दी गई थी।
मैक्वायरी की पुनः मान्यता उनकी मान्यता के अनुसार होती है कि पेटीएम अभी जीवन के लिए जूझ रहा है। हाल के नियामक उपायों ने कंपनी को ग्राहकों को खोने के खतरे में डाल दिया है, जो इसकी वित्तीय क्रियाकलाप और व्यवसाय मॉडल के लिए एक महत्वपूर्ण खतरा प्रस्तुत करता है।