Paytm Shares Continue To Decline for Second Consecutive Day; Tumble Nearly 14%
Shares of newly-listed One97 Communications, Paytm's parent company, continued to decline for the second day in a row on Monday, tumbling nearly 14 per cent.
New Delhi, November 22: Shares of newly-listed One97 Communications, Paytm's parent company, continued to decline for the second day in a row on Monday, tumbling nearly 14 per cent.
The counter continued to bear a deserted look as the stock declined 13.66 per cent to Rs 1,350.35 on BSE. Also Read | Google Messages App on Android Devices May Soon Translate iMessage Reactions As Emoji: Report.
On NSE, it tumbled 13.39 per cent to Rs 1,351.75. Shares of One97 Communications Ltd on Thursday made a weak market debut and tumbled over 27 per cent from the issue price of Rs 2,150. Also Read | Google Pixel 6a Leaked Renders Reveal Pixel 6-Like Camera Module & Punch-Hole Display.
According to market analysts, concerns over valuation weighed on the stock. Ant Group-backed Paytm's Rs 18,300 crore IPO, India's biggest share sale, was oversubscribed 1.89 times earlier this month.
This was greater than miner Coal India's Rs 15,000 crore offer a decade back. Incorporated in 2000, One97 Communications is India's leading digital ecosystem for consumers and merchants.
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