BENGALURU, Feb 13 Reuters Paytm39;s shares dropped 10 to a new record low on Tuesday, after brokerage Macquarie said the Indian payments firm faces an arduous task to shift customers to other banks by the central bankset Februaryend deadline.

The Reserve Bank of India RBI, on Jan. 31, ordered Paytm affiliate Paytm Payments Bank to shut most of its business, including deposits, credit products and its popular digital wallets, by Feb. 29, citing persistent noncompliance.

Since then, Paytm has lost nearly 50 of its market value, resulting in roughly 3 billion of its shareholder wealth. It hit a record low of 380.10 rupees earlier in the day, its fifth such instance since the clamp down.

However, Macquire39;s price target of 275 rupees the lowest among the 14 analysts covering the stock indicates prices could drop another 28.

Meeting the deadline to shift customers would be arduous as customers will need to submit Know Your Customer KYC and other such details again, analyst Suresh Ganapathy wrote in a note.

Paytm faces a serious risk of exodus of customers and with lending partners also reevaluating their relationship with the firm, that could lead to a decline in lending business revenue, the analyst said.

Ganapathy ranked third among 14 analysts for his recommendation accuracy on Paytm, according to LSEG data also cut his rating on the stock to underperform from the neutral rating he had since last June. Macquarie had started coverage of Paytm with underperform…