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Citing NPCI data, brokerage firm UBS said that Paytm has not gained any UPI share in the month of December and this is after the company was given clearance to add customers in October.
From a 10% share at the start of the year, Paytm’s share in the UPI market has nearly halved to 5.5% by the end of the year. For the October / November period too, Paytm’s share stood at 5.5%.
“This indicates that Paytm has not seen any material Monthly Transacting Users (MTU) addition in the December, UBS wrote in its note.
Paytm’s monthly transacting users (MTUs) fell from nearly 100 million at the start of 2024 to 68 million by the end of September 2024.
An increase in Monthly Transacting Users (MTUs) is important for B2C offerings, UBS said.
UBS has a “neutral” rating on Paytm with a price target of ₹1,000.
Out of the 19 analysts that have coverage on Paytm, eight of them have a “buy” rating, six say “hold”, while five of them have a “sell” rating on the stock.
Shares of Paytm are trading 7% lower at ₹914.65. The stock at its recent peak of ₹1,063, had tripled from its all-time low of ₹310, which the stock had declined to post the RBI restrictions in February.
Despite the recovery from the lows, shares of Paytm are still trading 58% below their IPO price of ₹2,150.
First Published: Jan 8, 2025 11:26 AM IST