: Paytm shares fall over 27% after getting listed in the markets #IndiaNEWS The shares of online payment platform Paytm’s parent company One97 Communications Limited fell 27.25% on Thursday after getting

Paytm shares fall over 27% after getting listed in the markets #IndiaNEWS
The shares of online payment platform Paytm’s parent company One97 Communications Limited fell 27.25% on Thursday after getting listed in the stock markets. At market closing, the shares were priced at Rs 1,564 apiece, down from their issue price of Rs 2,150.As the markets opened on Thursday, the stock was listed for Rs 1,955 on the Bombay Stock Exchange, registering a 9% drop from its original issue price. On November 8, the fintech company had opened its Rs 18,300-crore initial public offering, or IPO, for subscription. It was India’s largest IPO till date.Market experts have been apprehensive about Paytm’s performance on the capital market, with many pointing out that it was a loss-making company. Paytm had incurred losses of Rs 1,701 crore in the previous financial year. The company had covered up the losses by cutting marketing and advertising expenses.Brokerage firm Macquarie, in its research report, said that Paytm’s business model was a “cash guzzler�? and it did not have focus or direction, Moneycontrol reported. The report also stated that it will be challenging for Paytm to be profitable because of market regulations and competition. “It [Paytm] is still a loss-making company and very aggressively priced,�? said Santosh Meena, head of research at online trading platform Swastika Investmart. “Therefore,...Read more

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