JM Financial Initiates Buy on PhysicsWallah Amid Share Price Decline and Growth Prospects

PhysicsWallah's shares have declined about 45% from post-listing highs, trading below its Rs 109 IPO price amid selling pressure following the end of a lock-in period. Despite this, JM Financial initiated coverage with a 'Buy' rating and a target price of Rs 110, projecting a 23-28% upside based on expected revenue growth and offline expansion. The stock is currently oversold technically, with analysts noting potential short-term rebounds but cautioning on challenges in offline scaling and market volatility.