Friday, 24 March, 2023

Paytm's shares fall by 24%, business model lacking "focus and direction"

<p>India&#39;s Paytm shares plummeted by 24% on the maiden day of trade. Investors questioned the company&#39;s business model despite it being the country&#39;s largest-ever IPO. The share price was at Rs 1,645 in the morning trade and the offer price was Rs 2,150. Paytm was called &quot;cash guzzler&quot; in a note to clients by analysts at Macquarie Research. The note also said that the company&#39;s business model lacked &quot;focus and direction&quot;.</p>