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Paytm Rival MobiKwik Tumbles 40% in Private-Market Trading

The disappointing IPO of India’s digital payments pioneer Paytm is dragging down its rival One MobiKwik Systems Ltd. in the unlisted market, one of the strongest signs that demand is being dented in what was until recently a red-hot equity rally.

MobiKwik shares are being offered at as low as 800 rupees ($11) in the so-called grey market, down about 40% from a few weeks ago, according to investment platforms that allow trading in unlisted firms. Paytm has lost about 30% since its Nov. 18 debut, even after a 10% surge Tuesday.