The regulator’s request to postpone the MDR rollout to January 2027 has rattled the payment‑aggregator sector. The MDR, scheduled to kick in on Oct 15, would have applied a 0.4% fee on P2M transactions above ₹2,000, capped at ₹300 for higher‑value deals—an impact felt most acutely by small retailers and MSMEs.
In response, Paytm (ONE97) fell 10% to ₹1,558, Pine Labs (PINE) slid 2.6% to ₹170.9, and MobiKwik (MOBIKWIK) dropped 7% to ₹235.8, marking the steepest one‑day decline for Paytm since Feb 1.
Goldman Sachs, which previously set Paytm’s target at ₹1,500, lifted it to ₹2,070, citing “multiple tailwinds” and a favorable risk‑reward profile despite the dip.
The NIFTY 500 index recorded a 0.3% dip as the payment‑aggregator names weighed on the broader tech‑heavy segment, while rivals like PhonePe and PayU remained flat.
Market watchers will watch for the Finance Ministry’s and NPI’s decision early next week; a deferment could give the sector a breather, whereas a firm roll‑out might see the stocks rebound.