India’s Paytm Tumbles Another 13% After First-Day IPO Flop
- Founder Sharma draws comparison to early struggles of Tesla
- Critics had questioned the company’s valuation based on losses
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Shares of India’s pioneering digital payments startup Paytm plummeted for a second day after its $2.5 billion initial public offering, marking one of the worst debuts ever by a major technology company.
The stock fell about 13% on Monday after a 27% plunge in its debut Thursday, cutting its market value to about $12 billion. The drop has hit individual investors and global institutions such as BlackRock Inc. and the Canada Pension Plan Investment Board that had scooped up shares.