Paytm shares make weak debut; tumble over 27%

New Delhi, November 18

Shares of One97 Communications Ltd, Paytm’s parent company, on Thursday made a weak market debut and tumbled over 27% from the issue price of Rs 2,150.

Market value erodes by Rs37,600 cr

• On the NSE, it debuted at Rs1,950, registering a decline of 9.30% against the issue price. During the day, it plunged 27.34% to Rs1,562
• The company commanded a market valuation of Rs1,01,484.00 crore in late afternoon trade on the BSE
• With the decline in the stock price, the company’s market valuation eroded byRs37,600.28 crore

The stock is listed at Rs 1,955, tumbling 9% from the issue price on the BSE. During the day, it tumbled 27.25% to Rs 1,564. It tanked 27.24% to settle at Rs 1,564.15.

On the NSE, it debuted at Rs 1,950, registering a decline of 9.30% against the issue price. The stock plunged 27.44% to settle at Rs 1,560.

Addressing a gathering on the listing ceremony of One97 Communications, Vijay Shekhar Sharma, founder and Chief Executive Officer of Paytm said, “I believe Paytm story inspires and hopefully will inspire tens of and hundreds of millions of entrepreneurs that this country will produce in years to come that yes they can do it.

“They can do it even when they come from backgrounds that were not meant to be making you reach here, they can reach here.” The company commanded a market valuation of Rs 1,01,399.72 crore on the BSE. With the decline in the stock price, the company’s market valuation eroded by Rs 37,600.28 crore.

“Paytm, the biggest IPO in India so far debuted the secondary market on a weaker note as compared to our expectations of a flat listing,” Santosh Meena, Head of Research, Swastika Investment Ltd, said.

In traded volume terms, 10.06 lakh shares were traded at the BSE and over 2.39 crore shares at the NSE during the day. — PTI

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