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Paytm stock drops to record low since its market debut in November

Paytm, which has been struggling to improve its stock price ever since its debut, opened at Rs 1,226 and dropped by 6% at 2.40 pm India standard time (IST).

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Paytm stock drops

Shares of Paytm on Monday dropped to Rs 1,155 ($15.6), the lowest since its market debut in November following the nation’s biggest-ever initial offering after a key brokerage house further cut its price on the payments stock.

Shares of Paytm parent One97 Communications fell more than 2% to a 52-week low after Macquarie Securities India suggested that the company’s future earnings growth may be worse than it had earlier forecast.

The stock dropped to Rs 1,201.25 on the National Stock Exchange on January 10 ahead of the market debut on November 18.

Paytm, which has been struggling to improve its stock price ever since its debut, opened at Rs 1,226 and dropped by 6% at 2.40 pm India standard time (IST).

The brokerage firm slashed its price target for the stock by 25% to Rs 900 from Rs 1,200 earlier, implying a further downside of 28% from the January 7 closing.

Macquarie’s pessimism for the company comes when the stock has already fallen more than 38% from its high of Rs 1,955 on November 18, which followed a disastrous debut on Dalal Street.

The brokerage cut its estimate for Paytm’s revenue by an average of 10% a year till 2025-26 due to lower distribution and cloud revenue.

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Paytm now expects Paytm’s revenue to grow at 23% in the next five years as against 26% earlier.

The Reserve Bank of India’s latest proposal to cap charges on digital payments could impact the company’s revenue significantly, the company said firm said.

The recent rejection of Paytm’s application for insurance broking also highlighted the risk that the fintech major faces in clearing regulatory hurdles.

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Himanta Sarma accuses Sonia, Rahul of provoking unrest over Vande Mataram row

Assam CM Himanta Biswa Sarma criticised Sonia and Rahul Gandhi over the Vande Mataram controversy and accused Congress of provoking unrest.

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Himanta sharma

Assam Chief Minister Himanta Biswa Sarma on Monday criticised Congress leaders Sonia Gandhi and Rahul Gandhi over the controversy surrounding the rendition of Vande Mataram at the party headquarters in New Delhi on Independence Day.

Sarma questioned how the Congress would govern if it returned to power, alleging that the conduct of its senior leaders during the national song had raised concerns.

“During Vande Mataram, the way Sonia Gandhi behaved and the song was stopped midway clearly indicates that if Congress mistakenly comes to power, the country will face a worse situation,” Mr Sarma said.

The Assam Chief Minister also accused Sonia Gandhi and Rahul Gandhi of encouraging protests in the name of Gen Z.

“Sonia Gandhi and Rahul Gandhi have almost taken a decision to oppose the country in the name of Gen Z. They are provoking people to protest and trying hard to create a bad environment in the country,” he said.

Sarma further alleged that such actions could contribute to instability in the country.

“I am not bothered about these things, but these people are working against the country and provoking the people of the country to protest and bring anarchy,” he said.

What triggered the Vande Mataram controversy

The political row erupted after footage from the Congress Independence Day programme on August 15 surfaced on social media. The video showed senior Congress leaders, including Sonia Gandhi, Rahul Gandhi and Mallikarjun Kharge, during the rendition of Vande Mataram.

BJP leaders have interpreted gestures seen in the footage as an attempt to interrupt the national song. The Congress, however, has rejected that interpretation.

The issue has since become a political flashpoint, with BJP leaders accusing the Congress of disrespecting Vande Mataram.

A complaint seeking action against Sonia Gandhi and Rahul Gandhi over the alleged disruption is also being examined by the Delhi Police.

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BJP unveils 64-member national team with 3 former CMs, 18 MPs and 10 women

The BJP’s new 64-member national team includes three former chief ministers, 18 sitting MPs and 10 women, with representation from 23 states and Union Territories.

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The BJP’s new 64-member team of national office bearers brings together former chief ministers, sitting MPs, women leaders and representatives from different social and regional groups as the party prepares for the 2029 Lok Sabha election.

The team, headed by BJP national president Nitin Nabin, includes three former chief ministers, 18 sitting MPs and 10 women leaders. More than 40 per cent of the members belong to deprived communities, according to the details of the appointments.

Northeast gets special focus

The new organisational team includes leaders from 23 states and Union Territories, giving the party’s national leadership a broad geographical representation.

The Northeast has received particular attention, with three leaders from Tripura, Assam and Nagaland included in the team. The BJP’s North-East Coordination Cell will also continue to function under the leadership of Sambit Patra.

The team includes four tribal representatives, with one each from West Bengal, Madhya Pradesh, Maharashtra and the Northeast. Two of these representatives are women.

Three members from Uttar Pradesh, Tamil Nadu and Madhya Pradesh represent the Scheduled Castes in the new team.

Representation across communities

The BJP’s national office bearers also include 10 experienced women leaders from different parts of the country.

The team has representation from different religious communities, including one Sikh, two Christians, one Muslim, one Jain and one Parsi member, alongside Hindu leaders.

Former chief ministers and MPs add experience

The organisational team brings considerable administrative and political experience, with former Rajasthan Chief Minister Vasundhara Raje, former Uttarakhand Chief Minister Tirath Singh Rawat and former Tripura Chief Minister Biplab Kumar Deb among the members.

Four leaders with previous experience in the Union government and one sitting Union minister are also part of the team.

The new national office bearers include 18 sitting Lok Sabha and Rajya Sabha members, bringing legislative experience and their connection with constituencies to the organisation.

Professionals and younger leaders add to the team

The team also brings together people from varied professional and academic backgrounds. It includes two professors, four practising doctors, as well as PhD holders, engineers, chartered accountants and lawyers.

The appointments to various Morchas are expected to bring organisational experience, fresh energy and domain expertise to the BJP’s national team.

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Air India drug test row: 2 more pilots fail preliminary screening

Two more Air India pilots have not cleared preliminary drug tests and have been de-rostered while their final test results are awaited, sources said.

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Two more Air India pilots have not cleared the preliminary stage of drug testing ordered by the airline following the Phuket-Delhi flight incident. Their final test results are awaited, and both pilots have been de-rostered in the meantime, sources said.

The airline had directed its pilots to undergo drug testing as part of a new standard operating procedure after the pilot-in-command of the Phuket-Delhi flight failed two urine tests conducted after the aircraft landed. Marijuana was detected in his system.

More than 300 Air India pilots have undergone the testing process so far. Sources said final drug-test results generally take around 24 to 48 hours.

A cabin crew member on the Phuket-Delhi flight was also believed to have filed a complaint alleging that the pilot had previously smoked “pot”.

What happened on the Phuket-Delhi flight

The incident involved an Airbus A320neo that experienced a sudden drop of around 300 feet. The aircraft’s system data indicated a simultaneous loss of control of key flight surfaces, including the elevators and ailerons, for about four seconds.

The spoilers also lost control following the same hydraulic failure.

During the four-second period, the aircraft’s elevators and ailerons moved without pilot commands after multiple failures involving the jet’s three hydraulic systems.

The elevators control the aircraft’s pitch, while ailerons help control its roll. Spoilers reduce lift and increase drag, including during descent and landing.

Air India’s earlier statement on drug testing

The incident was initially reported as being linked to turbulence, before aircraft system data provided further information about what had occurred.

Air India had said it conducts regular drug testing of crew members in accordance with civil aviation regulations. The airline said the testing was part of its existing compliance process and was not initiated specifically because of the Phuket-Delhi flight incident.

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