"Macquarie Downgrades Paytm Amid Customer Exodus Concerns"

Macquarie has slashed its 12-month price target on Paytm by 57.7% due to concerns over a potential exodus of customers following heightened regulatory scrutiny from the Reserve Bank of India. The central bank's recent clampdown on Paytm Payments Bank has raised existential questions about the future of the leading financial services firm, with Macquarie predicting a sharp reduction in revenues and potential challenges in retaining lending partners. The analyst team also highlighted the arduous task of migrating payment bank customers to other bank accounts within the RBI's deadline.