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Paytm Share Price Today: Paytm Market Cap Falls Over Rs 50,000 Crore; See Price Here gujrat

Paytm Stock: Paytm shares on Monday, November 22 further tanked as the markets opened on the day. The stock of One97 Communications, which owns Paytm, another 4.69 per cent on the day. The price was cut down to Rs 1,490 at 9:35 am on Monday and further tanked to Rs 1,390 at 10:23 am. This was a drop of 11.10 per cent, according to BSE (formerly Bombay Stock Exchange) data. At 11:30 am, Paytm stock fell again at 12:30 pm, this time by 17.62 per cent and was priced at Rs 1,288 a piece. The market cap of Paytm was standing at Rs 83,517.10 crore at the time of writing this article, as per data from BSE website. This was down by over Rs 50,000 crore

One97 Communications-owned Paytm’s shares had dropped 27 per cent on its debut day of listing. This came on November 18, Thursday, amid tepid demands of Paytm IPO among investors. The company’s market cap declined by neartly Rs 6.70 crore on the first day of listing itself at the Bombay Stock Exchange and National Stock Exchange. The offer price at the upper end of the price band of Paytm IPO was Rs 2,150.

According to experts, Paytm’s high valuation, muted investor response, and loss-making business acted as catalysts for the downfall, despite the company having a strong market share. The debut price of the stock was lower than anticipated. Paytm stock opened at Rs 1,955, falling 9.1 per cent against the issue price of Rs 2,150 at the upper end at the Bombay Stock Exchange.

Paytm’s great decline has raised doubts about the upcoming IPOs including MobiKwik and OYO, as the company’s valuation came under scrutiny. Paytm floated the highest-valued IPO of Rs 18,300 crore earlier this month. The offer was a combination of fresh issue of Rs 8,300 crore and an offer for sale of Rs 10,000 crore by selling shareholders including founder and investors.

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Paytm, where industry leaders SoftBank and AntGroup has shares, raised $2.5 billion in its IPO. Of this, $1.1 billion was raised by institutional buyers.

Ahead of the listing, international brokerage house Macquarie gave an underperform rating on One 97 Communications, saying that the company lacks a proper business model. It also called Paytm a ‘cash guzzler’, keeping the target price at Rs 1,200, which is a 44 per cent downsize.

Amid the scrutiny, Vijay Shekhar Sharma-run Paytm on Sunday said that its  gross merchandise value (GMV) had increased by 131 per cent, that is payments made through its merchants, in October 2021. This was done  on a year-on-year basis to Rs 83,200 crore from about Rs 36,000 crore as compared to the same mmonth last year.

“Our strong operating performance continued in the month of October 2021 with increasing numbers of consumers and merchants transacting on our ecosystem, increasing frequency of transactions and increasing adoption of our different products and services”, said the company in a statement.

“The October 2021 month saw continued increase in adoption across our different financial services products. The lending business continued to show very strong growth as a result of rapid scale up of all of our lending products, including Postpaid, consumer loans and merchant loans,” said Paytm in its filing.

“Our financial institution partners disbursed a total of 1.3 million loans in October 2021 aggregating to a total disbursal of Rs 627 crore ($84 million), implying a 472 per cent increase in numbers of loans disbursed YOY and 418 per cent increase in value of loans disbursed YOY,” it added.

But all these efforts did not seem to have much impact on the market as the stock kept depleting, making the company lose its market price by Rs 50,000 crore from its issue price.

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Content retrieved from: https://www.news18.com/news/business/paytm-share-price-today-paytm-market-cap-falls-over-rs-50000-crore-see-price-here-4472090.html.

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Paytm Share Price Today: Paytm Market Cap Falls Over Rs 50,000 Crore; See Price Here gujrat

Paytm Stock: Paytm shares on Monday, November 22 further tanked as the markets opened on the day. The stock of One97 Communications, which owns Paytm, another 4.69 per cent on the day. The price was cut down to Rs 1,490 at 9:35 am on Monday and further tanked to Rs 1,390 at 10:23 am. This was a [...]

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