Paytm shares crash over 9% to hit fresh record low

One97 Communications' shares hit a fresh record low of Rs 343 on BSE plunging over 9% on Wednesday. The stock tanked 10% the previous day, after foreign brokerage Macquarie cut its target price on the stock to Rs 275.

Paytm shares tank

The Paytm shares clocked a fresh 52-week dip at Rs 342. From its 52-week high of Rs 998.3, which the counter touched in October 2023, the stock price has crashed 65.5%.

Also Read: Paytm crisis: Brokerage firm Macquarie downgrades Paytm to underperform; cuts target price to Rs 275

Most of the losses for the stock is recorded since the Reserve Bank of India slapped restrictions on Paytm Payments Bank on January 31. Since January 31, the Paytm shares have shed more than half their value, plunging around 53%.

The Reserve Bank of India, earlier this month, ordered Paytm Payments Bank Ltd - a restricted bank that can take deposits but cannot lend - to not take any further deposits or conduct credit transactions or carry out top-ups on any customers accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.