Shares of Paytm have been declining unabated. Shares of digital solutions provider on Monday dipped more than 2 per cent to a new 52-week low of Rs 815.10 on the BSE. This is the lowest intraday low since listing of shares of One 97 Communications Ltd. The shares have been trading at discount of over 60% on its issue price as on Monday. 

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Freefall in Paytm stock continued as shares have been hitting a new 52-week low every now and then. This counter touched a 52-week low of Rs 860 per share, Rs 840.05 apiece and Rs 831 a share on the BSE on February 14, 15 and 18 respectively. This counter has corrected more than 15% in a month as on February 21.  

At 11.30 am, shares of Paytm were trading with Rs 12.85 or 1.54% discount to Rs 820.70 a share 

What brokerages say?  

Meanwhile, brokerages have been bullish on this share. In a recent brokerage update, ICICI Securities has given it a buy rating.  

Initiating coverage on this counter, the brokerages has set a target price of Rs 1352 for this stock. This is an upside of 64% on CMP or base price of Rs 833 a share.  

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"We initiate coverage on the stock with BUY rating. Key risks being below expected monetisation through financial services business and unfavourable regulatory outcomes, "said ICICI Securities.  

There were several reasons prompting Paytm's evaluation and assessment by the brokerage. One is that the management’s high growth aspirations calls for significant investments and cash burn, it said. Secondly, rapidly evolving business model (proven leadership in payments but monetising it through financial services still at a nascent stage, highly competitive landscape with low switching cost and leading players with deep pockets getting aggressive and regulatory uncertainties exist, some conducive and few unfavourable outcomes. 

Earlier, Goldman Sachs too has retained a 'buy' rating with a target price of Rs 1,460, which translates into an upside of 79% on today's low of Rs 815.10 per share.  

"Paytm continues to gain market share across UPI as well as non-UPI payment segments. Its lending business is seeing strong traction too," Goldman Sachs has said while retaining the rating