Paytm buyback: Will Rs 850 crore offer support stock prices?

NEW DELHI: A day after Paytm-operator One 97 Communications announced the Rs 850 crore buyback offer at Rs 810 per share, the stock fell up to 2.5% on Wednesday. Global brokerage JP Morgan, which has an overweight rating on the new-age stock with an unchanged price target of Rs 1,100 by March 2023, said the reduction in cash because of the buyback offsets the reduction in share count.