Paytm tanks 13% as anchor investors lock-in period expires

Paytm shares crashed more than 27% in India's largest public offering last month. Credit: Reuters file photo

Digital payments firm Paytm's shares tumbled over 13% as a lock-in period for the company's institutional investors ended on Wednesday, piling more pressure after a dismal debut last month.

Paytm shares crashed more than 27% in India's largest public offering last month. Since the listing on Nov. 22, the stock has logged losses for 13 of the 18 sessions.

Early on Wednesday, the stock was trading at Rs 1,269, compared to the offer price of Rs 2,150.

Paytm, which counts SoftBank and Ant Group among its backers, raised $2.5 billion in its IPO, of which $1.1 billion was from institutional investors.

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