Ghosted by the bot: Why IndiaMART is desperate to be visible on ChatGPT

Last January, Japanese brokerage Nomura downgraded its rating for IndiaMART from ‘neutral’ to ‘reduce,’ slashing the target price from ₹3,150 to ₹1,900, citing shrinking paying subscribers, weak customer additions and high churn. Around the same time, Nuvama cut its target from ₹2,500 to ₹1,970, maintaining a ‘reduce’ rating. Motilal Oswal was the outlier, reaffirming a ‘buy’ rating with a revised target of ₹2,600. By June 2025, however, Nuvama flipped to ‘buy,’ raising its target to ₹3,800 and calling it a new demand upcycle. The stock currently trades at around ₹2,183.