Following RBI curbs, Paytm shares fall 20% for second day
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Paytm's shares hit lower circuit for the second consecutive session today, dropping 20% to Rs. 487.20. The two-day losses have wiped out $2 billion from its market value. This comes after the RBI imposed restrictions on its lending business, the Paytm Payments Bank Limited (PPBL). The RBI's directive prevents PPBL from accepting new deposits and conducting credit transactions after February 29. Jefferies has downgraded Paytm to 'underperform' from 'buy,' cutting target price from Rs. 1,050 to Rs. 500 per share.