Freefall: Paytm shares fall another 4% to hit lifetime low

On NSE, the scrip hit a lifetime low of Rs 952, down about 4 per cent. It is now down 56 per cent from its IPO price of Rs 2,150. The market cap of the company fell to a low of Rs 62,000 crore.

Shares of its new-age tech peers Zomato, PB Fintech and CarTrade have also been on a downward journey. On Friday,

was down about 6 per cent, falling for the fourth consecutive session. PB Fintech fell 5 per cent while CarTrade was down over a percent. Even , which is one of the few profitable e-commerce companies, was down over a per cent.

Paytm is now even closer to the most bearish target price of Rs 900 on the counter, set by Macquarie analysts, who also set the tone for Paytm’s initial fall when the stock got listed on exchanges.

One 97 Communications, the largest ever initial public offer (IPO) on Dalal Street, got listed with much fanfare two months back. But the situation has changed a lot since then, with even analysts associated with its merchant bankers coming out with targets far below IPO price.

The most bullish target pegs the stock at Rs 1,875, nearly double of the current level, in the next 12 months. Despite some bullishness displayed by brokerages and the company management, share prices have failed to stabilise.