India, Aug. 17 -- Shares of fintech SaaS company Zaggle Prepaid Ocean Services plunged 20% during the intraday trading today to Rs.160.45 apiece, hitting their lower circuit and a 52-week low after the company reported a sharp decline in its profit in the June quarter.

The stock remained locked at the lower circuit, taking Zaggle's market capitalisation to Rs.2,157.3 Cr ($225.6 Mn).

Today's decline extended the stock's recent slide. Shares of Zaggle have fallen 54% so far this year and 21.3% over the past five trading sessions.

Following the results, brokerage Equirus retained its 'LONG' rating on Zaggle but cut its target price to Rs.350 from Rs.455, citing slower growth in the company's core business and near-term margin pressure fro...