Paytm hits upper circuit after RBI directs NPCI to review fintech firm's application; Morgan Stanley maintains rating
The Reserve Bank of India (RBI) on Friday asked the NPCI to review Paytm's application to become a third party app.
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Paytm Share Price: The stock of One 97 Communication, the parent company of Paytm, hit an upper circuit of 4.99 per cent on the BSE on Monday (February 26, 2024) after the Reserve Bank of India (RBI) asked the NPCI to review Paytm's application to become a third-party app.
The Paytm stock closed the trading session on Monday up by 4.99 per cent, or Rs 20.35, at Rs 427.95.
The stock that closed at Rs 407.60 on Friday opened at Rs 416.90 on Monday to hit the day's high of Rs 427.95.
If the NPCI gives Paytm the go-ahead, the Paytm handle would be shifted to other banks.
The NPCI may approve 4–5 banks as Paytm service providers.
Morgan Stanley maintains Paytm's rating
Brokerage Morgan Stanley has maintained an 'Equalweight' rating on Paytm.
The brokerage has set a share price target of Rs 555 for the fintech firm.
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