Paytm, the Indian mobile payments platform, has seen its stocks drop to a 52-week low. After a disappointing IPO in November (despite it being India's largest public offering to date), Paytm and its parent company One97 have some work to do to claw back its reputation. This comes after it reported a growth in its business — what gives?!
Does misery love company? With beauty retailer, Nykaa, launching its own IPO to much fanfare but then dropping 18% in the following two weeks, it's a sobering time for the Indian stock market (which was hoping to take on the US and China).
Why it matters
It seems that continued selling pressure and the rocky performance of the rupee against the dollar may require investors to exercise some pay-tience.