Paytm's parent company and recently listed One97 Communications saw a decline for the second consecutive day on Monday.
On November 22, the company's stock has fallen by about 14 percent. The stock fell 13.66 per cent to Rs 1,350.35 on the BSE.
Paytm 's parent company and recently listed One97 Communications saw a decline for the second consecutive day on Monday.
On November 22, the company's stock has fallen by about 14 percent. The stock fell 13.66 per cent to Rs 1,350.35 on the BSE. On NSE, the stock of Payments Company has fallen 13.39 per cent to Rs 1,351.75.
Shares of One97 Communications Ltd made a weak debut on the market and declined over 27 per cent from the issue price of Rs 2,150.
What do Experts say?
According to market experts, there are concerns about the valuation of the stock. The Rs 18,300-crore IPO backed by Ant Group has been over-subscribed 1.89 times earlier this month.
Its IPO is bigger than Coal India's Rs 15,000 crore IPO, which was floated a decade ago. The company was started in the year 2000.
One97 Communications is the largest digital ecosystem for customers and sellers in India. Paytm recently released its financial details for October.
Also Read - Paytm Listed in Stock Market: The listing of the company fell 9% below the rate of IPO
This includes the crucial period before the Diwali holiday. The company said that its total merchandise value for the month has increased by 131 per cent to Rs 832 billion.
Loan disbursement, which analysts consider critical to Paytm's profit making, has risen over 400 per cent to Rs 6.27 billion.
According to market experts, the share price will not move much as 87 per cent of the issue is subscribed by institutional investors, who can always support the price.
India's largest digital payments company has lost more than a third of its value in its first day of trading. This is one of the worst debuts ever by a big technology company.
The IPO is being seen by some investors as a symbol of the growing appeal for the country's global capital. Especially for those investors, who are looking for an alternative to China.