Paytm shares in free fall, plunge another 9.02% in morning trade, market cap below Rs 1 lakh crore

Its market cap dropped below the Rs 1 lakh crore mark to Rs 92,187.76 crore.

Paytm founder and chief executive Vijay Shekhar Sharma told employees in a town hall that they need not read too much into the criticism of its business model after its shares crashed on listing last week.

The company’s focus on market expansion and the ability of the team to execute the plan will decide the outcome of the company more than anything else, Sharma said.

Over the weekend, the payments giant said its gross merchandise value — or payments made to merchants through its platform —
jumped 131% to $11.2 billion last month from a year earlier.

The growth was aided by festive season spending, the company said in a filing with the BSE on Sunday night. The GMV does not include peer-to-peer payments.

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The number of its monthly transacting users (MTU) grew more than 35% in October this year to 63 million, compared with 47 million the same month last year. GMV per MTU increased to $177 from $104.