Paytm shares in free fall, market cap plunges below Rs 1 lakh crore
disappointing market debut on the Indian stock exchanges last week.
The stock fell as much as 12.42% intraday to Rs 1,370. At 10-35 am, it was trading 11.83% lower at Rs 1,379.10. The company’s market cap dropped below the Rs 1 lakh crore mark.
Earlier, founder Vijay Shekhar Sharma
told employees in a townhall to not read too much into the criticism of the company’s business model after Paytm’s listing-day debacle. The firm’s focus on market expansion and the ability of the team to execute the plan will decide the outcome of the company more than anything else, Sharma said.
Over the weekend, the payments giant said its 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 aided by festive season spending, the company said in a filing with the BSE on Sunday. 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. GMV per MTU increased to $177 from $104.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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