INSUBCONTINENT EXCLUSIVE:
Over the weekend, Paytm released financial details for the month of October.New Delhi: 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
Shares have dropped more than 30% from the IPO price, hitting individual investors and global institutions such as BlackRock Inc
and the Canada Pension Plan Investment Board that had scooped up shares.Paytm's parent company, One 97 Communications Ltd., raised a
record IPO sum for India, but its disastrous trading debut sparked criticism the company and its investment bankers had pushed too hard in
Founder and Chief Executive Officer Vijay Shekhar Sharma had persistently made clear that he wanted Paytm to surpass the long-standing IPO
record set by Coal India Ltd
includes the critical period ahead of the Diwali holiday
Gross merchandise value rose 131% to Rs 83,200 crore ($11.2 billion) for the month, the company said
largest digital-payments provider may chill India's stock-market boom, which had ranked among the world's most frenzied
The IPO had been touted by some as a symbol of the country's growing appeal as a destination for global capital, particularly for
investors looking for alternatives to China.Paytm's IPO was managed by leading banks, including Morgan Stanley, Goldman Sachs Group Inc.,
JPMorgan Chase - Co., ICICI Securities Ltd
and Axis Capital Holdings Ltd
They all either declined to comment or didn't respond to requests for comment.Critics have questioned Paytm's prospects in recent months
While sales at its core payments and financial-services arm rose 11% in the year ended in March, overall revenue dropped 10% amid
heavily cash-burning business model, no clear path to profitability, large regulatory risks to the business and questionable corporate
He rallied employees during a four-hour town hall and encouraged them to look past the first-day drop, according to employees who
the most-shorted in the world
