Posted 2/2/2024, 11:14:17 AM
Paytm Shares Plunge 80% Since IPO as Competition and Regulatory Woes Mount
- Paytm was once India's hottest startup, but its stock has crashed nearly 80% since going public in 2021
- Shares have plunged for 3 straight days amid growing competition and regulatory crackdowns
- India's central bank barred Paytm's banking unit from signing up new customers in 2020
- The bank ordered Paytm Payments Bank to stop taking deposits and other services, citing "persistent non-compliances"
- Paytm skyrocketed after India banned 86% of its currency in 2016, gaining 10 million users in a month