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Paytm Share Slips Again in Early Trade, Founder Vijay Sharma’s Net Worth Down by Over $1.5 Billion

Shares of Paytm parent firm One97 Communications dropped another 13% to Rs 1,355.30 intraday on the National stock exchange. The stock was routed on its listing day as it slid over 27%. The company has eroded close to Rs 63,000 crore of investor wealth so far.

Anshumaan Vishnu by Anshumaan Vishnu
November 22, 2021
in News
Reading Time: 2 mins read
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Paytm : NBB

Paytm : NBB

Loss of One97 Communications, the parent of fintech industry giant Paytm, remained on the bourses on Monday after an unexpected debut on Thursday. Indian markets were shut on Friday on account of the Sikh festival Gurupurab.

At 11 am Monday, One97 Communications shares crashed 13.17% or Rs 205.50 to trade at Rs 1,355.30 on the National Stock Exchange (NSE). The share price is down 36% from its IPO price, with no urge to hit a trough yet.

The company’s market capitalization slid to Rs 87,8605.29 crore from its IPO valuation of Rs 1.50 lakh crore demanded at Rs 2150 issue upper price brand. So far, investors have lost over Rs 63,000 crore, which faces critique of overpricing the IPO and not holding a clear path to the profitability of even a company model moving forward.

On Thursday, the stock hit a lower circuit and retreated after a brief interval to fall some more. It ended the day at Rs 1,564.15, down by 27.25% from its issue price of Rs 2,150.

Vijay Shekhar Sharma, Paytm Founder
Vijay Shekhar Sharma- Founder of Paytm

The collapse of Paytm shares noticed founder Vijay Shekhar Sharma’s net worth erode from $2.5 billion IPO value to less than $781 million as of Monday morning. Sharma holds 9.1% stake in the corporation or around six crore equity shares and 2.1 crore options in the firm.

Global brokerage report Macquarie, published on Paytm’s listing day, had valued the stock at Rs 1200 at a valuation of 0.5 times price to sales growth multiple on December 23 annual sale. “Paytm has been a cash-burning machine, spinning off several business lines with no visibility on achieving profitability. Unless Paytm lends, it can’t make significant money by merely being a distributor,” said the Macquarie report.

Tags: PaytmPaytm IPOVijay Shekhar Sharma
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Anshumaan Vishnu

Anshumaan Vishnu

An entrepreneur and writer who prefers to create content around startups, entrepreneurship and digital marketing. To talk more like this idea, connect on LinkedIn.

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