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By Malvika Gurung
Investing.com — Shares of the digital payments major Paytm (NS:) was trading 1.45% lower at Rs 821.4 apiece at 10:35 am, after tanking over 2% to record a fresh all-time low at Rs 815.6/share in early session on Monday.
At this price, Paytm is down 62% compared to the issue price of Rs 2,150 apiece, and has eroded Rs 48,120.7 crore of its market capitalization to Rs 53,279 crore, compared to its m-cap of Rs 1.01 lakh crore on the 1st day-end of its listing on the Indian bourses.
Paytm, along with other renowned new-age tech stocks like Nykaa, PB Fintech and Zomato have been witnessing losses over the past few sessions, led by earnings misses, anticipated high valuations, and a global fall in technology stocks amid fears of the Fed undertaking aggressive monetary tightening to curb soaring inflation.
The bears have commanded the sentiments on new-age digital stocks to an extent that four such scrips, namely Nykaa, Zomato, PB Fintech, and Paytm have tanked by Rs 1.3 lakh crore on Thursday, compared to their cumulative market capitalization on the first day-end of their listings.
Global brokerage Goldman Sachs (NYSE:) held its buy position on the fintech stock, as it sees strong traction in the company’s lending business. It has set a target price of Rs 1,460 apiece on Paytm’s stock, an upside of Rs 77.8% compared to its current price.
Domestic brokerage ICICI Securities (NS:) sees Paytm optimizing and monetising its user funnel, even though its high growth aspirations could witness cash burn.
It has initiated a Buy call on the stock, with a target price of Rs 1,352/share.
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