India’s Paytm crashes in market debut, business model questioned

Published by
Reuters

By Nupur Anand and Sankalp Phartiyal MUMBAI (Reuters) -Indian digital payments firm Paytm tumbled 25% on its maiden day of trade on Thursday, with investors questioning its lack of profits and the lofty valuations it gained in the country’s largest-ever IPO. Despite fears that Paytm’s market debut might be less than stellar, its steep plunge was astonishing, as shares changed hands at 1,614 rupees in afternoon trade versus the offer price of 2,150 rupees, valuing the firm at about $14.2 billion. Then shares hit the lower circuit limit of 1,564 rupees on the Bombay Stock Exchange, which restric…

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