![]() “Considering Paytm’s heavily cash-burning business model, no clear path to profitability, large regulatory risks to the business and questionable corporate governance, we believe the company is overvalued at the upper end of price band of 2,150 rupees,” analysts Suresh Ganapathy and Param Subramanian wrote in the note. ![]() slapped the company with an initial “underperform” rating and a price target of Rs 1,200, 44% lower than the IPO price. Even before trading began, Macquarie Capital Securities (India) Pvt. ![]() While sales at its payments and financial-services arm rose 11% in the year ended in March, overall revenue dropped 10% amid intensifying competition, the company reported in July. Critics have questioned Paytm’s prospects in recent months.
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