Shares in India's Paytm plunge 24% in market debut, business model questioned

Analysts at Macquarie Research said in a note to clients that Paytm's business model lacked "focus and direction" and initiated coverage with an underperform rating. "Achieving scale with profitability a big challenge," the note said, calling the company a "cash guzzler".

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", Mumbai-based investment advisor Sandip Sabharwal said, adding that too many of the companies did not have a clear path to profitability.

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