Paytm continues slide on share lock-in expiry

** Paytm-parent One 97 Communications falls as much as 4.1% in heavy trading to 601 rupees, lowest since June 17

** Stock last down 3.4%, taking losses in past two sessions to 5.3%, biggest 2-day drop since late Aug

** A one-year lock-in on about 86% of PAYT outstanding shares expired on Nov. 15


** Stock likely to see profit booking due to geopolitical tensions but strong Q2 earnings and profit margin to help narrow loss in long term, says Rahul Sharma, co-founder of Equity99

** Lock-in expiry may be an overhang, but expect 40-50% rev growth for next few qtrs, Goldman Sachs said earlier this month

** GS expect FY24 to be first full year of adjusted EBITDA profitability for Paytm and a key catalyst for stock

** Stock is down about 70% from its IPO price of 2,150 rupees; IPO last year, was India's biggest at the time

** Over 2.6 mln shares traded so far today, 2.7x times their 30-day avg

** 6 of the 11 analysts covering PAYT rate it "buy" or higher, 2 "hold," and 3 "sell" or lower; median PT is 865.00 rupees - Refinitiv data

** Up to last close, stock down 53% YTD