Paytm shares go down, market cap plummets below rupees 1 lakh crore mark.
- ByStartupStory | November 22, 2021
One97 Communications Ltd., the parent entity of India’s largest fintech platform observed a massive downfall in their stock market index with NSE going -12.62 %, extended losses on Monday after a dissatisfying IPO in the Indian stock markets last week.
At 11:11 am, it was trading 11.97% lower at Rs 1,376.95. The stock fell as much as 13.66% intraday to Rs 1,350.35. The company’s market cap has dropped below the Rs 1 lakh crore mark.
after Paytm’s listing-day debacle , Vijay Shekhar Sharma, the founder told employees in a townhall to not read too much into the criticism of the company’s business model. The firms dedication towards market expansion and their effectiveness in producing the targeted output is far more important, Sharma said.
Over the weekend, the Paytm’s gross merchandise value—or payments made to merchants through its platform— jumped 131% to $11.2 billion last month from a year earlier. The growth was the reason of festive season spending, as confirmed by the company. The GMV does not include peer-to-peer payments.
The number of its monthly transacting users (MTU) grew more than 35% in October this year to 63 million, compared with 47 million the same month last year.
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