Shares in the recently listed financial services company Paytm plunged for the second day running as traders and bankers blamed one of India’s worst market debuts on an overly ambitious valuation target.
The stock of Paytm, which is backed by Japan’s SoftBank, China’s Ant Group, and Alibaba, closed 27 per cent lower following its listing last Thursday and fell another 13 per cent on Monday after a market holiday on Friday.
That brought Paytm about 37 per cent lower from its IPO pricing and wiped about $8bn from the company’s market capitalisation in just two days of trading, with the chief financial officer saying the plunge was “unexpected”.
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