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18-11-2021, 11:57 PM
https://www.channelnewsasia.com/business...rs-2322331
MUMBAI :Indian digital payments firm Paytm tumbled 25per cent 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 US$14.2 billion.
Then shares hit the lower circuit limit of 1,564 rupees on the Bombay Stock Exchange, which restricts purchases by investors to only that price or higher.
MUMBAI :Indian digital payments firm Paytm tumbled 25per cent 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 US$14.2 billion.
Then shares hit the lower circuit limit of 1,564 rupees on the Bombay Stock Exchange, which restricts purchases by investors to only that price or higher.
