International Business: India’s Paytm crashes in market debut, business model questioned – Gulf Digital News

International Business: India’s Paytm crashes in market debut, business model questioned – Gulf Digital News

MUMBAI: Indian digital payments firm Paytm tumbled 26% on its maiden day of trade, with investors questioning its lack of profits and the lofty valuations it gained in the country's largest-ever IPO.

While there had been some expectations that Paytm's market debut could underwhelm, the steep plunge on Thursday was astonishing.

Shares were changing hands at 1,586.35 rupees versus the offer price of 2,150 rupees, valuing the company at around $13.9 billion.