Paytm Sinks to Record Low in Mumbai as Investor Caution Prevails
- Sentiment remains weak for firm that had India’s biggest IPO
- A post-listing lockup on anchor investors expired this week
A juice stall advertises the use of the Paytm digital payment system in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Shares of Indian digital payments giant Paytm closed at the lowest since their market debut last month following the nation’s biggest-ever initial public offering, as investors remain concerned about the startup’s path to profitability.
The stock dropped 5.6% to 1,321 rupees in Mumbai, extending this week’s losses to almost 16%. It slid about 8% on Wednesday after a post-listing lockup on sales of shares allotted to anchor investors expired.