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Home / Companies / News /  'My heart goes out...': Anand Mahindra after Paytm shares crash 28% on market debut
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On Vijay Shekhar Sharma's Paytm making a weak market debut, business tycoon Anand Mahindra empathizes with the investors saying ‘my heart goes out’ to those who must be rattled. However, he expressed confidence that the company will ‘find its right level'. 

The stock listed at 1,950 per share on the NSE, a 9% discount as compared to its IPO issue price of 2,150 apiece. 

On BSE, Paytm shares started trading at 1,955 per share with market capitalization above 1 lakh crore. The stock closed over 27% lower at 1,564 per share from its issue price on its first day.

Later Mahindra took to Twitter to express, My heart goes out to individual IPO investors who must be rattled but I’m sure Paytm will find its right level. There is, however, a silver lining to this sobering debut: it could moderate the casino-like feeding frenzy for IPO listings & help restore the hunt for true value.

The three-day IPO of Paytm's parent One97 Communications was launched on November 1 and concluded on November 3 with a price band of 2,080-2,150 per share. It was oversubscribed 1.89 times on the last day . 

Despite much hype, brokerage firm Macquarie Research initiated an underperform rating on the company ahead of the listing. The agency on Thursday stated that Paytm's business model lacks focus and direction.

Sharma breaks into tears

Today, as the stock got listed at BSE, Sharma broke into tears during his address. In a photo that went viral, Sharma was seen wiping tears with a handkerchief. 

At the gathering, he said, "I believe that Paytm story inspires and hopefully will inspire tens of and hundreds of millions of entrepreneurs that this country will produce in years to come that yes they can do it.

"They can do it even when they come from backgrounds that were not meant to be making you reach here, they can reach here."

Sharma founded Paytm in 2010 as a mobile recharge company. The fintech company grew rapidly after Uber listed it as a quick payment option in India.

The demonetisation move in 2016 gave a massive push to Paytm as people were just turning to digital payments.

Born to a school teacher father and a home maker mother in a small city in Uttar Pradesh, Sharma became India's youngest billionaire in 2017.

The company later expanded into a plethora of services - insurance and gold sales, movie and flight ticketing, bank deposits and remittances.

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