INSUBCONTINENT EXCLUSIVE:
Paytm stock is now down nearly 39% from its issue price of Rs 2,150.New Delhi: India's digital payments giant Paytm has received a bullish
rating from a major broker after a dismal listing and a spate of bearish views since then.Morgan Stanley has started coverage on the digital
payments startup with an overweight rating and a price target of Rs 1,875, which implies 43% upside from Tuesday's close
It sees attractive risk to reward after the stock dropped to a record low earlier this week, and values the firm at $17 billion.Paytm's
bank's view is in contrast with its peers such as Macquarie Group Ltd
and Goldman Sachs, which have underperform and neutral ratings, respectively, on the stock
Among India-based brokers, Dolat Capital Market Pvt., earlier this month rated Paytm a buy and set a price target of Rs 2,500
Both Morgan Stanley and Goldman were among bankers for the stock's issue.One 97 Communications Ltd., Paytm's parent company, raised $2.5
billion in its IPO but a 27% plunge in its November 18 debut made it one of the worst initial showings by a major technology firm since the
dot-com bubble era of the late 1990s
The stock is now down nearly 39% from its issue price of Rs 2,150.
