Paytm, India's largest IPO at $2.4B, faces a 70% share drop due to central bank crackdown and intense competition.
Paytm, once India's largest IPO at $2.4B, has faced a significant fall due to a central bank crackdown, with its shares down over 70%. Despite backing from high-profile investors like Alibaba, Softbank, and Berkshire Hathaway, the payments service has yet to make a profit. The company faces intense competition and now a potential business-killing confrontation with India's central bank, raising concerns about its future survival.
March 10, 2024
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