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Paytm Shares Plummet as Macquarie Downgrades Stock and RBI Orders Banking Arm Shutdown

Paytm shares plunge 8.5% to an all-time low following a downgrade by Macquarie amid fears of customer exodus due to the RBI's decision to wind down its banking arm. This significant setback has wiped out nearly $2.9 billion in shareholder wealth.

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Salman Khan
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Paytm Shares Plummet as Macquarie Downgrades Stock and RBI Orders Banking Arm Shutdown

Paytm Shares Plummet as Macquarie Downgrades Stock and RBI Orders Banking Arm Shutdown

Paytm's Shares Plunge as Macquarie Downgrades Stock Amid Banking Arm Crisis

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Indian digital payments giant Paytm is facing a significant setback following a downgrade by global brokerage firm Macquarie. Shares of the beleaguered company dropped 8.5% to a record low, with the stock price declining by more than 49% since the beginning of the year. This steep decline has erased nearly $2.9 billion in shareholder wealth.

Indian Central Bank's Action Triggers Customer Exodus Fears

The downgrade comes on the heels of a recent order by the Reserve Bank of India (RBI) to wind down Paytm's banking arm. The move has raised serious concerns about the potential loss of customers, which Macquarie believes could pose a significant risk to the company's overall business.

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Macquarie's analysts stated, "We see significant risks to Paytm's core payments and financial services businesses due to the potential exodus of customers from its banking arm."

Farmers' Protests and Options Traders' Losses

Meanwhile, retail traders in India's options market are grappling with substantial losses as the market continues to face volatility. On the other hand, farmers across the country are protesting for various reasons, including a recent attack on protesters.

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Political Developments and Sports Controversy

In the political arena, the Gujarat government has filed a petition to expunge remarks made in the Bilkis Bano case. This development comes as former Pakistani Prime Minister Bhutto withdraws from the PM race, paving the way for Nawaz Sharif's return.

In sports, discussions are underway to make Ranji Trophy participation mandatory for IPL players following the Ishan Kishan controversy. The move aims to ensure that cricketers remain committed to domestic cricket.

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In other news, twenty-three candidates have scored a perfect 100 NTA score in the JEE-Main 2024 Jan session. Additionally, interest rates for some bank loans have been revised in February.

In the world of technology, Canadian Prime Minister Trudeau has banned the sale and use of a specific gadget. Zomato-owned Blinkit, on the other hand, is experiencing technical difficulties. The Vande Bharat standard of trains has also been explained.

The World Wrestling Federation has lifted the suspension of the Wrestling Federation of India.

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These developments highlight the dynamic nature of the Indian landscape, with each story revealing the complex interplay of various factors shaping the country's future.

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