Paytm Tanks 10.5% As Selloff In New-Age Stocks Continues
Shares of the Noida-based company fell as much as 10.5%, the most since May 24, to Rs 678.1 apiece.
Shares of One97 Communications Ltd., the parent of Paytm, fell the most in nine weeks as new-age companies continued to witness selling pressure.
Shares of the Noida-based company dropped as much as 10.5%, the most since May 24, to Rs 678.1 apiece, before closing 7.6% lower on Tuesday. The stock has slumped nearly 70% since its listing in November last year. It had hit a bottom of Rs 511 on May 12.
Other technology companies that listed last year—which in total saw initial public offerings worth about Rs 1.06 lakh crore going live—have come under pressure as well. That started after a tech selloff in May triggered by geopolitical tensions in Ukraine.
While most new-age companies, barring Paytm and Fino Payments Bank Ltd., garnered high demand during their IPO subscription, the stocks have worn down from their all-time highs and for some, even their IPO prices.
