Shares in Indian financial technology company Paytm fell by more than a quarter on its stock market debut, wiping $5bn off its valuation and underscoring investor unease about the group’s business prospects.
Paytm raised $2.5bn in its initial public offering, giving it a valuation of $20bn, with its largest investors Ant Group and SoftBank selling shares in the company, along with founder Vijay Shekhar Sharma.
The 11-year-old company has sold itself as India’s equivalent to Chinese financial groups such as Ant, with businesses in everything from mobile payments and fantasy sports to gold trading.
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