Here’s Why Paytm’s Shares Plunged Over 7% on Wednesday

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By Malvika Gurung

Investing.com — Shares of the online lending and wallets platform One 97 Communications Ltd (NS:) plunged 7.76% to close Wednesday’s session at Rs 1,379.95 apiece after diving 13.4% in early trade.

The decline in stock was due to the mandatory 30-day lock-in period for anchor investors in the company’s initial public offering, which expired on Wednesday for Paytm.

The stock fell and recorded an intraday low of Rs 1,297.70 on the BSE, close to its all-time low of Rs 1,271.25.

Paytm debuted on Dalal Street on Nov 18 at a discount of 9.3% against its issue price of Rs 2,150, at Rs 1,950/share and closed the session 27% lower, after raising a total of Rs 18,300 crore through its IPO as the country’s biggest public issue. The stock has never touched its IPO price band of Rs 2,080 to Rs 2,150.

Including today’s session, Paytm’s stock has logged losses for 13 sessions, out of a total 18.

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