Paytm karo, back in vogue again: Can the stock reclaim IPO price after 5 years and 480% rally?

Paytm shares have rebounded over 480% from their lifetime low but remain 20% below the Rs 2,150 IPO price. The introduction of MDR on select high-value UPI transactions could create a new revenue stream for the fintech, while merchant lending, operating leverage and AI initiatives offer additional growth avenues.