Macquarie takes another U-turn on Paytm, downgrades stock after 90% rally

Global brokerage firm Macquarie downgraded Paytm’s stock to neutral from outperform, attributing it to the sharp run-up in share prices in recent months and risks emerging from Jio Financial Services’ entry into the financial services space. The analyst also noted that China’s Ant Financial could be looking to pare down its stake, which could be an overhang. Macquarie has maintained the earnings front and expects Paytm to report accounting profitability by FY26. Despite the downgrade, Paytm shares rose more than 2% to the day’s high of Rs 858 on BSE.

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