While there had been some expectations that Paytm’s market debut could underwhelm, the steep plunge on Thursday was astonishing. Shares were changing hands at 1,586.35 rupees versus the offer price of 2,150 rupees, valuing the company at around $13.9 billion. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. Many market participants saw the stock’s horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. Its IPO has also minted hundreds of new millionaires in a country where per capita income is below $2,000.

Source: Mint November 18, 2021 05:17 UTC