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Paytm shares hit new low, discount to issue price at 52%

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Paytm share price: Paytm parent One97 Communications' stock slumped to yet another record low. The Paytm stock fell 4.8 percent for the day to end at Rs 1,031.4, a record closing low.

Paytm shares hit new low, discount to issue price at 52%
Paytm parent One97 Communications' shares hit a fresh record low on Thursday. The Paytm stock fell nearly four percent to Rs 1,025.6 on BSE during the session - a discount of 52.3 percent to the issue price - before settling at a record closing low of Rs 1,031.4 apiece.
The latest descend in the Paytm stock price spells more trouble for investors, who have been struggling against a series of losses in the recent past. Paytm shares began their journey in the secondary market on November 18, and have failed to cross their IPO price of Rs 2,105 ever since.
Paytm's IPO - the biggest of all time in India - though oversubscribed saw a total booking of 1.9 times the shares on offer. That meant a lukewarm response from the investors given the robust interest for most IPOs in 2021. On the listing day, One97 shares debuted on BSE and NSE at a discount of around nine percent each.
A number of brokerages are sceptical on the stock.

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This week, Macquarie lowered its target price for Paytm shares by 25 percent to Rs 900 and retained its 'underperform' rating.
The weakness in the stock comes despite strong commentary and positive business updates from the company.
Paytm's revenue from payments is expected to be around $140 million in the current quarter with year-on-year growth of 50-60 percent, Founder and CEO Vijay Shekhar Sharma said at the IAMAI India Digital Summit on Wednesday, according to news agency PTI.
"This quarter, we are talking about $100 million revenue from payments, which is a sizable revenue. That's quarterly and only for payments," he said.
On Monday, Paytm reported a four-fold jump in loan disbursals to 44 lakh loans worth Rs 2,180 crore in Q3, as against 8.8 lakh loans worth Rs 470 crore in the year-ago period.
Paytm's gross merchandise value (GMV) came in at Rs 2.5 lakh crore as against Rs 1.12 lakh crore in the corresponding period a year ago.
For the second quarter of FY22, Paytm reported an 8.5 percent rise in net loss on year to Rs 473 crore, despite a 63.6 percent jump in revenue to Rs 1,086.4 crore.
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