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Buffett-Backed Indian Fintech Giant Paytm Stumbles in Market Debut

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Shares in the owner of Indian mobile-payments company Paytm fell sharply on their first day of trading, after it sold about $2.5 billion of stock in the country’s largest initial public offering

fell sharply on their first day of trading, after it sold about $2.5 billion of stock in the country’s largest initial public offering.

Stock in One97 Communications Ltd. dropped as much as 26% from its IPO price of 2,150 rupees, the equivalent of $28.95, a share, before regaining some ground. By early afternoon Thursday in Mumbai, One97 shares stood roughly 22% lower at about 1,672 rupees a share.

 

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Shares in India's Paytm plunge 24% in market debut, business model questionedShares in India's Paytm plummeted 24% in their maiden day of trade, with investors questioning the loss-making digital payments firm's business model despite it having just completed the country's largest-ever IPO. wow
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India's Paytm crashes in market debut, business model questionedIndian digital payments firm Paytm tumbled 25% on its maiden day of trade, with investors questioning its lack of profits and the lofty valuations it gained in the country's largest-ever IPO.
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