Paytm Was Crashed 36% in Two Days

Once the most popular startup in India, Paytm saw a steep decline in value this week on the stock market, continuing a decline that has erased 77% of its worth since the company's biggest initial public offering (IPO) in 2021.

For two days running, Mumbai's daily maximum allowed in shares of the top-rated digital payments company has been breached.

India's stock markets have been hitting new all-time highs. Paytm has lost nearly 25% of its value this year and 36% since Wednesday's business closing.

Since its disastrous November 2021 market debut, when it failed to persuade investors that it could turn a profit in the face of mounting competition from domestic competitors and US tech companies, the company has struggled.