According to Ltd., India’s largest fintech company Paytm may be struggling for its life after the central bank ordered the suspension of most of its commercial operations. The stock hit a new low off the news.

Macquarie analysts Suresh Ganapathy and Punit Bahlani have issued a note  saying, “Paytm faces a serious risk of customer exodus which significantly jeopardises its monetization and business model,” in response to the latest RBI limits. They reduced their price target to 275 rupees from 650 and cut their rating of One 97 Communications Ltd., the parent company of Paytm,  from neutral to underperform.

Paytm’s stock dropped as much as 8.6% to 385.75 rupees during Tuesday’s early Mumbai trading.

The fintech industry’s poster child, Paytm, has been at the center of a regulatory storm since the Reserve Bank of India uncovered Paytm Payments Bank’s repeated non-compliance and banned the company from accepting new deposits or customers after February 29.

Since the restrictions came to light after trading hours on January 31, Paytm’s shares have dropped almost $3 billion in market value as a result of the regulatory action.