The collapse in the shares of Paytm following India’s largest initial public offering is proving an expensive lesson for the firm’s early backers.

Paytm shares have tumbled 58% since the stock listed on Nov. 18. That’s cut the valuation of its parent One 97 Communications Ltd. to $7.8 billion from $20 billion.

India’s digital payments giant Paytm is set for another bout of scrutiny on Saturday when it reports earnings in the wake of its record-breaking initial public offering and tumultuous stock market debut.

Ahead of the results, Paytm’s shares dropped as much as 7.7% in early Mumbai trading on Friday. While the stock had jumped about 32% over the last three days, it is still well below the price set in the $2.5 billion IPO as investors continue to weigh its longer-term prospects.

Paytm Payments Bank Limited (PPBL) on Tuesday launched a physical prepaid card that is directly linked to a user’s Paytm wallet. Users can just top up the wallet to use the card and do not need to create a separate account. The card also enables the withdrawal of money from ATMs.

Satish Gupta, managing director and CEO of Paytm Payments Bank, said, The launch of the Paytm Transit card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs.

Digital payment and financial services firm Paytm plans to deploy FASTag-based parking services across the country after having launched first such project with Delhi Metro Rail Corporation.

Paytm Payments Bank Ltd (PPBL) on Monday said it has enabled the country's first FASTag-based metro parking facility in partnership with the Delhi Metro Rail Corporation (DMRC).

As many as 166 current and former Paytm employees have converted their Employee Stock Options (ESOPs) into shares, the company said in a regulatory filing.

IPO-bound Paytm has one of the largest ESOP pools in the startup ecosystem, and has given out ESOPs as rewards and benefits to employees, who have contributed to the growth of the company.

An Indian court on Monday has given police three weeks to conclude an investigation into claims from a former Paytm director who said he co-founded the digital payment platform but did not receive shares owed.

Ashok Kumar Saxena, 71, in legal documents said he invested $27,500 two decades ago in Paytm parent One97 Communications but was never allotted any stock, Reuters reported this month https://reut.rs/3j746WJ.

Financial services platform Paytm's Gross Merchant Volume (GMV) is growing at over a 100 per cent in a year, according to its Draft Red Herring Prospectus (DRHP), filed last week.

In Q1FY22, Paytm’s GMV hit Rs 1,46,900 crore, from Rs 69,700 crore in the same period last year. In the whole of FY21, Paytm’s GMV was Rs 4,03,300 crore, highest in the payments industry as per research firm Redseer.

Digital payments major Paytm will be amongst the top 10 most-valued financial (banks included) stocks in the country when it gets listed later this year.

According to investment banking sources, the company is looking at a valuation of between $20 billion and $25 billion in the initial public offering (IPO).

Financial services platform Paytm on Tuesday launched two new Internet of Things (IoT)-based payment devices, helping businesses to accept card payments on Android phones.

The Paytm Smart PoS application allows smartphones to accept debit and credit card payments like an electronic data capture machine does.

Shares of SBI Cards and Payment Services were up 3 per cent at Rs 855 on the BSE on Friday, gaining 4 per cent in the past two trading days after the company said it has launched credit cards in partnership with the digital payment platform Paytm.

The stock was trading higher for the fifth straight days and up 7 per cent during the week, as compared to 5 per cent rise in the S&P BSE Sensex.

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