Shares Of Paytm Fell By 27.25 Percent In The Post-Listing
Shares of Paytm fell by 27.25 percent in the post-listing business in the stock market, Anand Mahindra commented.
Shares of One97 Communications, the firm that operates fintech company Paytm, made a weak start in the stock market on Thursday.
Paytm’s shares fell up to 27 percent against the issue price of Rs 2,150 during the day’s trading.
The company’s shares were listed on the BSE at Rs 1,955, down 9 percent from the issue price. During the day’s trading, it had fallen 27.25 percent to its low level at Rs 1,564.
At the same time, it started at Rs 1,950 on NSE, registering a decline of 9.30 percent against the issue price. During this period, the company’s stock fell 27.34 percent to its low level of Rs 1,562.
Commenting on the shares of One97 Communications, India’s eminent industrialist Anand Mahindra tweeted, “I heartily go with the investors who have put their money in Paytm.”
“I am sure that Paytm shares will soon be coming soon.” Will come back. A slow start to the stock listing is like a silver lining. It’s like a casino game where bets can turn anytime.”
Santosh Meena, Head of Research, Swastik Investment Ltd, said in a statement, “Paytm’s IPO has opened in the secondary market on a weaker note than our expectations of flat listing.”
Shares of Paytm fell by 27.25 percent: The company posted a market valuation of Rs 1,01,484.00 crore in afternoon trade on BSE.
The Rs 18,300-crore IPO of Ant Group-backed Paytm was oversubscribed 1.89 times on the last day of India’s biggest share sale last week.
This was more than the Rs 15,000 crore offer from Coal India launched a decade back.
Partha Nyati, Founder, Trading said in a statement that, “Formally, One97 Communications launched its shares on the exchanges today.
This saw a slow response and investors subscribed only 1.89 times, which was only 1.89 times as compared to the previous year.
Very low as compared to the companies that get listed in a few days.” However, the company has demanded higher valuations due to the brand and may see improvement in the near term.”
