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Paytm shares plunge 13%; anchor investors lock-in expires today

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Shares of One97 Communications, the parent company of Paytm, fell as much as 13 percent in opening trade on Wednesday as the anchor lock-in period of the company expires today. At 9:40 am, Paytm shares were down 9.43 percent or 141.05 points at Rs 1,355.

One97 Communications, the parent company of Paytm, had its stock drop as much as 13% in early trade on Wednesday as the company's institutional investors' lock-in period ended today, adding to the pressure following a dismal debut last month.
At 9:40 am, Paytm shares were down 9.43 percent or 141.05 points at Rs 1,355. Paytm shares crashed more than 27 percent in one of the largest public offerings last month. Since the listing on November 22, the stock has logged losses for 13 of the 18 sessions.
Paytm’s high-profile stock market debut was disappointing with the listing wiping out more than double the money it raised through its IPO worth Rs 18,300 crore.
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Post the Paytm’s lukewarm listing, founder Vijay Shekhar Sharma had said, any day's share price will actually never be a true reflection of the company’s opportunity and scale.
Paytm on Monday, in an exchange filing, reported over two-fold rise in its gross merchandise value to about Rs 1,66,600 crore in the first two months of the third quarter of this fiscal, driven by a sharp uptick in loan disbursals.
"Growth momentum in GMV continues in the first two months of the quarter, due to strong performance during the festive season, which continues post-festive season. GMV processed through our platform for the first two months of the quarter aggregated to approximately INR 1,666 billion ($22.4 billion), a growth of 129% Y-o-Y over the INR 728 billion GMV in the first two months of Q3 FY 2021, the company reported.
The number of loans disbursed from the Paytm platform increased over four times to 27 lakh during the reported period, from 5.30 lakh a year ago. The value of the loan disbursed increased by 375 per cent on a year-on-year (y-o-y) basis to Rs 13,200 crore (USD 178 million) in the first two months of the quarter from Rs 280 crore.
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