Why Paytm shares crashed on their market debut

The Paytm IPO has been under the spotlight for months, but it failed to live up to the hype on its listing day.

One97 Communications, the parent company of the country’s largest digital payments startup, made an underwhelming debut on Indian bourses today (Nov. 18). Its share price crashed by up to 26% to as low as 1,603.92 rupees ($21.62) in the morning, from the issue price of Rs2,150.

While it recovered slightly later, it remained at a discount of 9%. The stock closed today more than 27% lower at Rs1,564.

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Originally published on Quartz : Original article

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