Paytm flops on debut; tumbles over 27% during day trade

TIL Desk/Business/Mumbai/ Shares of One97 Communications Ltd, Paytm’s parent company, on Thursday made a weak market debut and tumbled over 27 per cent during the day from the issue price of Rs 2,150.The stock was listed at Rs 1,955, slipping 9 per cent from the issue price on the BSE. It then tumbled 27.25 per cent to Rs 1,564 during the day.

On the NSE, it debuted at Rs 1,950, registering a decline of 9.30 per cent against the issue price. During the day, the stock plunged 27.34 per cent to Rs 1,562. “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 Investmart Ltd, said.

The company commanded a market valuation of Rs 101,484.00 crore in late afternoon trade on the BSE. Ant Group-backed Paytm’s Rs 18,300 crore IPO was oversubscribed 1.89 times on the last day of India’s biggest share sale last week. This was greater than miner Coal India’s Rs 15,000 crore offer a decade back.