Reuters
India’s Paytm falls for second day after debut debacle
Digital payments firm Paytm fell for a second session on Monday, shaving off $7.75 billion from its market value since its dismal debut in India’s biggest initial public offering last week. Paytm’s market rout has raised doubts around impending IPOs on the Indian market, including those of its smaller rival MobiKwik and hotel aggregator OYO as valuations come under investor scrutiny. “IPOs have been running hot in India, so a correction in broader markets will hurt these stocks the most,” said Deepak Shenoy, founder and chief executive of Capitalmind in Bengaluru.
