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Paytm
New Delhi. The country’s leading mobile wallet company Paytm has been making a splash since its listing in the stock market. The company’s shares have fallen to almost a quarter of their listing value. Now the company’s Chief Executive Officer (CEO) Vijay Shekhar Sharma himself has given information about this huge fall.
Sharma said the recent fall in the share price of his company was due to unfavorable market conditions for fast-moving stocks. Sharma, Founder and CEO, One97 Communications, a digital financial services company operating under the Paytm brand, said, “We expect the company to be able to recover costs in terms of EBITDA (earnings before interest, tax, depreciation and amortization) in the next six quarters. will be in
In a letter to the company’s shareholders, Sharma said the market conditions for high-growth stocks across the globe remain volatile, which is why the company’s share price has declined as compared to the issue price.
The company had come out with an initial public offering (IPO) last year. The issue price of the company’s shares at that time was Rs 2,150 per share. Later, the company’s stock kept fluctuating and at one point it had come down to the lowest level of Rs 520.
Sharma said in the letter that the company is buoyed by the pace of business. In early trade on Wednesday, the company’s stock rose by three percent to Rs 627.85 on the BSE.
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