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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.

Macquarie dramatically cut its 12-month price target on One97 Communications Ltd., the parent company of digital payments firm Paytm, citing heightened…

(Bloomberg) -- India’s fintech giant Paytm is potentially fighting for its survival after the central bank ordered halting much of its business activities, according to Macquarie Group Ltd. Shares tumbled to a fresh low. Most Read from BloombergS&P 500 Rally Hits a Wall in Run-Up to CPI Report: Markets WrapTrump Asks Supreme Court to Keep DC Election Trial on HoldPentagon Chief Austin in Critical Care for Bladder IssueTrump Says There’s ‘No Way’ Taylor Swift Can Endorse BidenAfter the recent RBI

On January 31, the Reserve Bank of India directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTTags and other instruments after February 29

After RBI's diktat, enforcement directorate set to take action.Government won't intervene: sources