Poor payments in the stock markets continued on Monday as shares of its parent company One97 Communications fell more than 17% around 12 noon.
The stock plunged 17.45% on the Bombay Stock Exchange, retreating for the second consecutive session after falling nearly 28% on Thursday.
Paytm shares fell to Rs 1,376.35 on the National Stock Exchange at 11:40 am, down 11.82% from its previous close. On BSE, Paytm shares slipped 12.73 percent to Rs 1,365.05. On BSE, Paytm shares opened to Rs 1,500, then slipped further as investor sentiment remains weak. By noon, Paytm shares had plunged more than 17%.
The business collapsed despite a sharp rise in the gross value of its merchandise, which more than doubled to Rs.195,600 crore due to higher spending for the holiday season.
Explained: Why Paytms Mega IPO Received Low Response From Big Investors
PAYTM BAD TRAFFIC CONTINUES
The Paytms share price has collapsed by more than 40% in just two trading sessions, compared to its IPO issue price of Rs 2,150. In the previous session, the disaster of the Paytms stock market has eroded investor wealth worth Rs 38,000 crore. The amount of losses rose further as Paytms shares fell again today.
Investors remain concerned about the stock after several analysts raised concerns about the stock’s high valuation. Foreign brokerage firm Macquarie recently wrote a detailed research note, criticizing Paytms’ high valuation and future challenges.
“Paytm has been a money-burning machine, running several lines of business with no visibility into profitability. Unless Paytm lends, it can’t make a lot of money just being a distributor,” indicates the research report.
WHAT THE BROKERS ARE SAYING
A number of other brokerages have also expressed concern about the company’s shares, given the weak sentiment. Some analysts expect the Paytm share price to remain subdued in the near to medium term, with investors approaching it cautiously due to current volatility and general market sentiment.
Paytms’ stock market debut on Thursday was one of the worst among recent IPOs of new-age digital startups, including Zomato, Policybazaar, and Nykaa. The stock lost more than a quarter of its value on the day of the listing and has fallen further today.
View | An infographic on India today: the IPO of Paytm
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