The stock dropped 5.6% to Rs 1,321 in Mumbai, extending this week’s losses to almost 16%. The stock is now down nearly 39% from its issue price of Rs 2,150.
Dolat Capital Market, third brokerage to initiate coverage on Paytm, says its transition to a 'manufacturer' of financial services from an agent will help the digital payments firm.
One97 Communications, the parent of the digital payments giant, ended last week 17% below its offer price of Rs 2,150, after falling to as low as Rs 1,271 at one point.
Ahead of the results Saturday, Paytm’s shares dropped as much as 7.7% in early trading Friday. The company's quarterly and half-yearly results will also be announced over the weekend.
Any sign that influential money managers like BlackRock are doubling down on Paytm may help ease concern about the sustainability of an Indian stock-market boom.
Paytm shares have fallen about 30% since it started trading, with a slight rebound Tuesday. Planned smaller IPOs could have a harder time pricing shares now.
At least some of the IPO prospects that have been looking to benefit from the flood of transactions may now rethink the timing and pricing of their issues.
The drop has hit individual investors and global institutions such as BlackRock and the Canada Pension Plan Investment Board that had scooped up shares.
Sharma encouraged employees to look past the initial stumble and to focus on the long-term opportunities for bringing digital payments to India's fast-growing internet population.
Going through their Instagrams and dissecting their ‘statements’ is not the astute political commentary you think it is—it is time for us to back off from targeting 20-year-olds.
Companies are borrowing more from banks and public. Economists say high capacity utilisation & growing new orders could set stage for renewed investment push by India Inc.
New Delhi has, in past, too, objected to Chinese construction activities in Shaksgam Valley. Work in this strategic region gathered pace after the 2017 Doklam stand-off.
A theme has not yet emerged for BJP & people see lack of a contest, which makes it unexciting. For all these reasons, 2024 is turning out to be an unexpectedly theme-less election.
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