The RBI has intervened and placed numerous limitations on the Paytm Payment Bank. The impact of the Reserve Bank of India’s action is seen in the Paytm shares. In the first market itself, there has been a lot of selling of Paytm shares. The shares of One 97 Communications, also known as Paytm (One 97 Communications Ltd), have dropped by 20% on the stock market today.
Reduced circuitry in PayTM stock
Paytm shares dropped 19.9% to Rs 609 at the start of the stock market on Thursday. In a matter of hours, Paytm’s shares dropped by -152.20 rupees. Investors are racing to get rid of Paytm’s stock market shares. The shares, which on Wednesday closed at Rs 761, dropped up to Rs 609 as soon as the market opened on Thursday. Let us tell you that on October 20, 2023, Paytm shares reached a 52-week high of Rs 998.30. Today there is a lower circuit with a fall of 20 percent.
Target Price for PayTM
The worst has been reached for Paytm shares following the Reserve Bank’s decision. According to estimates, Paytm would lose between Rs 300 and Rs 500 crore as a result of the RBI’s decision. Brokerage firm JM Financial predicts that Paytm shares could drop as low as Rs 590.
RBI intervention
The Reserve Bank used its authority under Section 35A of the Banking Act, 1949 to take action against anomalies at Paytm Payment Bank. After February, the RBI forbade Paytm Payments Bank Limited from making deposits, topping up, or crediting any Fastag transactions on any client account or wallet. Following the RBI’s move, no customer account, prepaid card, wallet, Fastag, or NCMC card from Paytm Bank Limited will be able to process transactions going forward.
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