Shares of One97 Communications, which operates India’s largest payments platform Paytm, fell 10% on the BSE in Tuesday’s intraday trading in an otherwise firm market. The stock dropped below its previous low of Rs 511, which was reached on May 12, 2022.
At 10:10 a.m., the stock was trading 8% lower at Rs 492.15, while the S&P BSE Sensex was up 0.24 percent. The stock of the fintech company has dropped 26% in the last two weeks. Paytm’s stock price has more than halved or dropped 64% in the last year, compared to the benchmark index’s 4.8% gain. Paytm shares are currently trading 78% below their IPO price of Rs 2,150 per share. On its first day of trading, November 18, 2021, the stock reached a record high of Rs 1,961.