Paytm, Mobikwik share prices crash up to 10% amid UPI MDR delay buzz

Shares of payments companies fell sharply on Thursday after reports suggested that the proposed UPI merchant discount rate framework may not start on October 15. The rollout is now likely to be deferred until January 1, 2027, although no final decision has been taken. One97 Communications, which operates Paytm, declined 5.1% to Rs 1,642.90, while MobiKwik shares were part of a decline of as much as 10% cited in market coverage. Paytm remains up 4.1% over one month and 39.0% over three months, but is still 11% below its 52 week high.

The reaction reflects concern that a delay could push out a potential revenue stream for payment platforms, because MDR may support fee income tied to UPI transactions under the new framework. That could affect expectations for transaction monetisation and near term earnings in payments focused financial services, including One97 Communications and MobiKwik. The broader financial services sector has already fallen 8.4% over one month and 8.9% over three months, though those moves do not establish the cause of Thursday’s decline. A formal notification shifting implementation to January 1, 2027 would confirm the market’s reading. An October 15 rollout, or clearer economics limiting the earnings impact, would weaken it.