MUMBAI: Shares of One97 Communications, which operates under the Paytm brand, fell 11% to end at Rs 477 by close of Tuesday’s trade on the BSE after a research report said that the company would be hit by the entry of Reliance Jio in the financial services space. Paytm lost nearly Rs 4,000 crore of market cap and is now valued at Rs 30,971 crore.
Paytm had valued itself at Rs 1. 4 lakh crore before its IPO. The research report has been ill-timed for Paytm’s scrip, which is seeing selling pressure due to the end of the one-year lock-in for pre-IPO investors.
“RIL has demonstrated its hunger for attaining scale in the past in other businesses and, in our view, can pose a significant growth and market-share risk for players like Bajaj Finance and Paytm.
Shares of the twin companies Bajaj Finance and Bajaj Finserv ended flat on Tuesday.
Paytm had valued itself at Rs 1. 4 lakh crore before its IPO. The research report has been ill-timed for Paytm’s scrip, which is seeing selling pressure due to the end of the one-year lock-in for pre-IPO investors.
“RIL has demonstrated its hunger for attaining scale in the past in other businesses and, in our view, can pose a significant growth and market-share risk for players like Bajaj Finance and Paytm.
Shares of the twin companies Bajaj Finance and Bajaj Finserv ended flat on Tuesday.