Paytm shares tumble over 20 percent on listing day
Digital payment company Paytm, which brought the largest IPO (Initial Public Offering) in the history of the country, got listed in the stock market on Thursday. However, the company’s stock market debut was weak. Shares of Paytm’s parent company One 97 Communications fell more than 20 percent in early trading after listing. On the National Stock Exchange, the company’s shares opened at Rs 1,950, down 9.3 per cent or Rs 200 from its issue price of 2,150. However, after this the share prices fell further and the stock fell by 21 percent. The shares of the company were being recorded at 11.03 am at a price of 1,633.95. However, despite the weak debut, the company’s market valuation has crossed 1 lakh crore.
Weak response was seen after opening of IPO
The company’s IPO initially received a very mixed response, while according to many reports, its prices are also seeing a fall in the gray market, the company had kept the price band of its shares from Rs 2,080 to Rs 2,150 per share. Retail investors could bid for a minimum of six shares in one lot upto 15 lots. The price of one lot was coming at Rs 12,900 on the upper price band.
