Paytm shares surged 16% in a three-day streak of upper circuits, signaling investor optimism that the worst of the regulatory crisis may be over. The boost followed positive updates from RBI, ED, and a partnership with Axis Bank. RBI extended the ban on Paytm Payments Bank but clarified no disruption for merchants using Paytm services from other banks.
While Jefferies remains cautious, emphasizing regulatory clarity as crucial, Bernstein offers a bullish outlook with a target price of Rs 600. Morgan Stanley maintained an equal-weight rating.