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Paytm shares sink 12% early on Monday
The share price of One 97 Communications, the parent company of Paytm, tanked 12 percent to Rs 685 a share, down about 70% from its issue price of Rs 2150 per share.
Paytm has witnessed an erosion of over Rs 57,100 crore to Rs 44,294 crore from from Day 1’s closing market capitalisation of Rs 1,01,399.72 crore on November 18. About 70 per cent of its value has been wiped out do far compared to the Initial Public Offering at issue price had sought a valuation of about Rs 1.39 lakh crore.
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