Macquarie dramatically cut its 12-month price target on One97 Communications, the parent company of digital payments firm Paytm, citing risks of customers leaving the platform in the wake of heightened regulatory scrutiny. Macquarie, which famously predicted the slump at Paytm before the listing, lowered its target to 275 rupees (down 57.7% from its previous target of 650 rupees), the most brutal by any major brokerage firm. Paytm, which dropped more than 6% Tuesday morning to 395 rupees ($4.76), is reeling from the Indian central bank's clampdown.