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Paytm released a business update for October

The founder and chief executive officer of one 97 communication Ltd. Compared his company to Tesla Inc. and showed similarities between himself and Elon musk – after the India payments startup faced a worrisome first-day plunge following its initial IPO.

According to sources, Vijay Shekhar Sharma held a four-hour town hall to motivate employees, who had watched the company’s stock plunge on listing day.

The 43- year-old encouraged them to look past the initial stumble and to focus on long term-term opportunities for bringing digital payment to the country’s fast-growing internet population.

After diving around 27% on Thursday, Paytm shares today further crashed near 13%.

On Monday, shares of the digital payments startup opened with a downside gap of ₨.51.80 a piece and went on to lose around 13% from its listing date close of Rs. 1,560.80 per share on the National stock exchange.

After the listing day crash, Paytm released a business update for October. Gross merchandise value rose 13.1% to $11.2 billion for the month, the company said. Loan disbursal, which analysts see as key to Paytm turning profitable, increased more than 400%.

Sharma has earlier tweeted about his admiration for musk. Earlier in July 2020, he had praised the tesla founder when Musk overtook Toyota Motor Corp to become the world’s most valuable automaker.

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