In a first, the crisis-hit Paytm's parent company One97 Communications plunged below the Rs 400 threshold, after the stock hit as low as Rs 385.60 on Tuesday morning.
This comes after global brokerage firm Macquarie downgraded One97 Communications' rating to 'Underperform', cutting its target price from Rs 650 to Rs 275 per share amid significant loss in revenues across segments.
Citing the "serious risk of exodus of customers" following the Reserve Bank of India's action against Paytm Payments Bank over irregularities and KYC non-compliance, Macquarie said that shifting customers to other banks by the February 29 deadline is "an arduous task," as it would require customers to submit Know Your Customer (KYC) details again.
The brokerage firm added that Paytm's lending partners are re-evaluating their relationship with the company and this could potentially lead to a decline in lending business revenue.
This also comes a day after Paytm revealed in a regulatory filing that Paytm Payments Bank Ltd independent director Manju Agarwal resigned from the board due to personal reasons.
