India's payments platform Paytm slumps 20% to extend losses, Morgan Stanley and JP Morgan slash target price: India's three-way payments

Titan Media App reported on 2 February that Paytm, India's payments platform, continues to show a downward trend. This comes after both JP Morgan and Morgan Stanley cut their target prices for the company's shares, citing regulatory uncertainty and risks to the company's earnings forecasts after the Reserve Bank of India suspended a significant portion of its operations. On Friday, the stock plunged 20% to its lowest point since December 2022, after a similar drop in the previous session.

The Reserve Bank of India on Wednesday ordered Paytm Payments Bank to stop its popular mobile wallet service and other operations, citing ongoing compliance and regulatory issues. JP Morgan downgraded the company to 'underweight' and slashed its target price by 331 TP3T to Rs 600. Meanwhile, Morgan Stanley cut its target price by 201 TP3T to Rs 555, while maintaining its 'Neutral' rating. (Global Markets Report)