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Stock market today: Following the Reserve Bank’s restrictions on Paytm’s payment bank, Paytm’s share price today witnessed huge selling pressure. Paytm shares today opened lower at ₹608.80 apiece on BSE and touched a 20% percent lower circuit within a few minutes of the stock market’s opening bell.
According to stock market experts, Paytm shares are under selloff pressure due to RBI’s restrictions on Paytm Payment Bank (PPB). They said that RBI’s restrictions may impact the lending business of the fintech company, which generates around one-fifth of its net revenue. They said that the stock may continue to remain under pressure till the Paytm management comes out and makes an official announcement about the impact of the RBI’s restriction on its business.
On why Paytm share price crashed on Budget 2024 date, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Paytm share price is under selloff heat as the Reserve Bank of India (RBI) has imposed restrictions on Paytm Payment Bank. This is expected to impact the lending business of Paytm, which generates around 20 percent of the fintech company’s net revenue.”
Paytm share price target
Expecting further weakness in Paytm shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Paytm share price is looking weak on chart pattern and it may become further weak if breaks down below its current crucial support placed at ₹590 to ₹600 apiece levels. Those who have Paytm shares in the stock portfolio should hold the scrip maintaining stop loss at ₹545 apiece level.”
Paytm news
The RBI on January 31 imposed restrictions on Paytm Payments Bank Ltd (PPBL), following a system audit report and subsequent compliance validation report of external auditors.
PPBL is barred from accepting deposits or top-ups in any customer account, wallets or FASTags after February 29 under section 35A of the Banking Regulation Act, 1949.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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