Paytm Q2: What Macquarie said post maiden quarterly results

NEW DELHI: Foreign brokerage Macquarie has maintained its underperform rating on newly-listed Paytm NSE -0.20 %, keeping its price target constant at Rs 1,200, following the company’s maiden quarterly results.

The brokerage said the stock trades at 22 times FY23 price to sales, which is expensive.