Paytm shares surge, reclaim Rs 1,700-mark in rebound after weak debut – CNBCTV18
By Kalpana Warrier on November 24, 2021
Paytm parent One97 Communications’ shares continued to rise for a second straight day on Wednesday in a rebound after a series of losses. This helped Paytm’s shares inch towards its issue price of Rs 2,150. In the first two days of its journey in the secondary market, the digital payment platform’s stock had shed 36.7 percent of its value compared to the issue price, emerging as one of the weakest debutants of recent times.
At 2:40 pm, the Paytm stock traded 15.1 percent higher at Rs 1,721 on BSE. At this price, Paytm shares were available at a discount of 20 percent to its issue price.
On NSE, One97 Communications shares quoted at Rs 1,717.7, up
14.9 percent from their previous close.
Close Price (in rupees)
Change (in rupees)
Paytm’s weak listing comes at a time when most analysts have raised concerns about hefty valuations of new-age companies.
The market expert also said he would wait for the 30-day lock-in period for new listings like Paytm and Nykaa.
Paytm’s listing came days after chemical maker Sigachi Industries became the best market debutant of 2021, with shares listing at a premium of 252.8 percent over its issue price.