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“Casino-Like Frenzy May Be A Metaphor”: Paytm CEO On Anand Mahindra’s Tweet – NDTV Profit

Vijay Shekhar Sharma, Paytm Managing Director (MD) and Chief Executive Officer (CEO)

“Casino-like IPO frenzy may be a metaphor, I don’t want to comment,” said Paytm MD and CEO Vijay Shekhar Sharma on Anand Mahindra, Chairman, Mahindra Group shared on Twitter that Paytm’s weak debut market could moderate ‘the casino-like feeding frenzy for IPO listings and help restore the hunt for true value.’

Mr Mahindra’s tweeted after Paytm’s shares plunged as much as 28 per cent in a weak stock market debut today, a week after the digital payment company concluded the country’s biggest-ever initial public offering (IPO).

In his tweet, Mr Mahindra added, ”my heart goes out to individual IPO investors who must be rattled but I’m sure Paytm will find its right level.”

The comment from the billionaire businessman comes at a time when people in India see casino-like gambling amid the ongoing IPO frenzy in the current fiscal, as a way to get rich quickly.

Acknowledging Mr Mahindra’s comment on the IPO frenzy, Mr Vijay Shekhar Sharma stated that the market is witnessing a frenzy of all kinds of companies. ”We don’t even know many of those companies and may not have even heard of, yet, many have delivered phenomenal results in their IPOs and market debuts,” said Mr Sharma.

”But, I understand that stock markets deserve good companies which bring wealth to the masses at large,” he added.

On Thursday, Paytm opened for trading at Rs 1,950 on the NSE, marking a decline of 9.3 per cent or Rs 200 from its issue price of Rs 2,150. Paytm shares extended losses after opening as the stock fell as much as 28 per cent, from the issue price, to hit an intraday low of Rs 1,560.