India, April 27 -- Shares of fintech major Paytm fell as much as 8.37% during the intraday trading today, touching a low of Rs.1,051.05, after the RBI cancelled the licence of Paytm Payments Bank.

The stock later recovered and was trading 3.78% lower at Rs.1,103.75 at 10:44 IST. The company's market capitalisation stood at Rs.70,552.8 Cr (about $7.4 Bn) at the time.

Despite the RBI's move, brokerages remain largely positive on Paytm, with most analysts saying the development would have limited direct financial impact on the listed entity since the payments bank business had already been ring-fenced and written-off earlier.

Bernstein maintained an 'Outperform' rating with a target price of Rs.1,500, calling the development an incrementa...