Indian stocks are down after two major trade disappointments.
On November 18, India’s largest IPO failed. The $ 2.5 billion overvalued Paytm stock market debuted down 27% on listing day. This plunged another 13% today (November 22). The moderate rating of Paytms and the resulting weakness of trade is a big sentimental setback, said Vinod Nair, Research Manager at Geojit Financial Services. This will impact the influx of money from the retail segment, which has been a key player during the year.
A day after Paytm’s listing, Reliance Industries 2019 deal with Saudi state-controlled energy giant Aramco was canceled. As India’s largest company looks to a greener future, Aramcos plans to buy a 20% stake worth $ 15 billion. Shares of the company run by Mukesh Ambani fell more than 4% on the news.
The two events together created a cocktail of chaos for national public markets. Index heavyweight RIL revaluation with Saudi Aramco and continued selling pressure on stocks from India’s largest IPO, Paytm, is weighing heavily on indices, Nirav Karkera, head of research at Fisdom, investment advice, told the Mint daily.
The reference S&P ESB Sensex, which includes Reliance among its 30 stocks, plunged more than 1,000 points, or 1.96%, to 58,465.89.
The broader NSE Nifty index, which includes 50 of India’s largest companies, also fell 1.96%, finishing down 348 points to 17,416.55.
Of course, Reliance and Paytm alone did not derail the country’s public markets. There are many other local and international factors that are eroding investor sentiment, including:
Meanwhile, the brightest sector in an otherwise disrupted market is the telecommunications industry. Bharti Airtel and rival Vodafone Idea both rallied 6% after Airtel increased its rates.
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