Paytm shares crashed more than 27 per cent in the country’s largest public offering last month.
Digital payments firm Paytm’s shares tumbled over 13 per cent to hit an intraday low of ₹ 1,297.70 on the BSE as a lock-in period for the company’s institutional investors ended on Wednesday, piling more pressure after a dismal debut last month.
Paytm shares crashed more than 27 per cent in the country’s largest public offering last month. Since the listing on November 22, the stock has logged losses for 13 of the 18 sessions.
Early on Wednesday, the stock was trading at ₹ 1,269, compared to the offer price of ₹ 2,150.
Paytm, which counts SoftBank and Ant Group among its backers, raised $2.5 billion in its IPO, of which $1.1 billion was from institutional investors.
(Reuters)
Source: Business World
