One 97 Communications Ltd., the operator of India’s largest digital-payments provider known as Paytm, has capped the worst first-year share plunge among large IPOs over the past decade – and the pain is worsening.
The company, whose founder compared its challenges to those faced by Tesla Inc. shortly after the listing, has seen its stock erase 75% of its market value one year after its $2.4 billion offering, the largest on record at the time in India.
