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PAYTM UP 3% AFTER ISSUING CLARIFICATION TO BSE
In a filing to BSE, Paytm said it has, from time to time, made all necessary
disclosures to stock exchanges within stipulated timeline.
* Bhaskar Dutta
* ETMarkets.com
* March 23, 2022, 11:47 IST
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NEW DELHI: Shares of One97 Communications, which runs Paytm, jumped 2.7 per cent
in early trade Wednesday as the company said there is no information that may
have a bearing on the price volume behaviour in the scrip which is yet not
disclosed to the stock exchanges. The company said its business fundamentals
remain robust.
Paytm’s counter rose to a high of Rs 558.55 as against Rs 544 at previous close
on the National Stock Exchange.
In a filing to BSE, Paytm said it has, from time to time, made all necessary
disclosures to stock exchanges within stipulated timeline.
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"The company would also like to point out the business fundamentals remain
robust as demonstrated in our last earning release dated February 04, 2022. We
would like to reiterate that the company is committed to comply with the Listing
Regulations and any information/ announcement, likely to have bearing on the
price/ volume of the shares of the company would be disclosed, from time to
time, to the stock exchanges within stipulated timeline," it said.
Paytm comments came after BSE sought clarification from the company late Tuesday
with reference to significant movement in its shares.
BSE said, it sought such clarification "to ensure that investors have latest
relevant information about the company and to inform the market so that the
interest of the investors is safeguarded."
BSE's move came as the scrip fell 3.79 per cent on the exchange on Tuesday, in
an otherwise positive day for the market. The scrip settled at a fresh low of Rs
543.90 for the day. The scrip has plunged 18 per cent in the last five sessions
last week after the Reserve Bank of India (RBI) banned Paytm Payments Bank from
adding new users.
The stock has in fact lost 74.72 per cent of its value over its issue price of
Rs 2,150.
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Clear (formerly Cleartax) has partnered with 5Paisa, India’s only listed
discount broker with over two million customers, to simplify income tax return
filing for the traders.
* Sindhu Hariharan
* TNN
Click Here to Read This Story
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CHENNAI: Clear (formerly Cleartax) has partnered with 5Paisa, India’s only
listed discount broker with over two million customers, to simplify income tax
return filing for the traders.
The Clear- 5Paisa partnership enables the users (tax filers) to directly import
the P&L data (equities, intraday, mutual funds, F&O derivatives, commodity
derivatives, and currency derivatives) into Clear’s platform in a single click.
They will not be required to prepare the excel template. Once the data is
ingested, they can self-file their capital gains ITR within seven minutes.
“Filing taxes for capital gains is a very complicated and tedious process. By
associating with 5paisa, Clear will resolve the complexity in determining the
turnover amount and expense amount in the case of intraday trades of equity and
futures and options trades. We will automate the entire process, so traders
don’t miss out on claiming transfer expenses. Clear will also resolve the
challenges of categorising the funds while filing taxes for users with a
particular income category through auto-selection of the correct ITR," Archit
Gupta, founder and CEO of Clear, said.
The partnership will also enable year-round tax assistance by engaging and
assisting 5Paisa users by conducting online helpdesk and webinars on tax-related
topics.
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LENDENCLUB APPOINTS ATAL AGARWAL AS HEAD STRATEGY AND NEW INITIATIVES
Atal Agarwal holds a B-tech degree from IIT Varanasi (Gold Medalist) and MBA
from IIM Calcutta. He has over 30 years of experience in Investment Banking,
Corporate Banking, and Credit Ratings.
* ETBFSI
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LenDenClub, a P2P lending platform, has appointed Atal Agarwal as the Head
Strategy & New Initiatives.
Atal will be a part of the leadership board, and his new role would be to help
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The veteran banker holds over three decades of experience in Investment Banking,
Corporate Banking, and Credit Ratings.
As an investment banker for over 13 years, he has held leadership positions in
companies like DSP Merrill Lynch, Barclays Capital, and Jardine Fleming, among
others.
He also held a senior management position at Crisil, taking a lead on sales and
business development initiatives at a pan India level.
Atal Agarwal holds a B-tech degree from IIT Varanasi (Gold Medalist) and MBA
from IIM Calcutta. Throughout his career he has managed various disinvestment,
capital raising, and advising activities, both debt and equity, in domestic and
overseas markets for a diverse range of clients.
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BNPL TO CONTRIBUTE 14% OF E-COMMERCE TRANSACTION VALUE BY 2026: BENORI KNOWLEDGE
Buy Now, Pay Later or BNPL will comprise 14% of the transaction value for
e-commerce companies by 2026, growing nearly 5x from 3% of such transactions in
2021, points out market research by Benori Knowledge. BNPL payment option is one
of the most interesting trends to play out against the backdrop of the
accelerated adoption of e-commerce platforms in India.
* ET Bureau
Click Here to Read This Story
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Buy Now, Pay Later or BNPL will comprise 14% of the transaction value for
e-commerce companies by 2026, growing nearly 5x from 3% of such transactions in
2021, points out market research by Benori Knowledge. BNPL payment option is one
of the most interesting trends to play out against the backdrop of the
accelerated adoption of e-commerce platforms in India.
Gurugram-based Benori Knowledge is a new-age provider of custom research and
analytic solutions across industries, including consumer & retail, technology,
media & telecom, internet & e-commerce, and financial services.
The India BNPL market could become the largest in size globally and is expected
to grow 10x in value over the next five years to reach $35-40 billion by 2026
from $3.5-4 billion in 2021, according to a release. India’s large youth
demographic, rising consumer spending, growing preference for online channels
and electronic payment methods, exponential e-commerce growth, transparency with
costs and benefits, and frictionless payment experience are expected to
contribute to the market growth over the forecast period.
Further, the low penetration of credit cards at just 5% is not enough to address
consumer credit demand. India currently has around 22-25 million BNPL users
which are estimated to reach 90-100 million by 2026.
The preference for BNPL emerges strongly in the survey conducted by Benori with
over 1,000 users. An overwhelming 90% said that they are more likely to shop
from stores, both offline and online that offer the BNPL option at check-out.
Likewise, a majority, 75%, confirm using BNPL when shopping on e-commerce
websites and apps.
The BNPL option is most commonly used to purchase electronic products (71%),
followed by fashion and lifestyle accessories (67%) and commonplace, everyday
shopping items (57%). BNPL’s preference is being driven by itslow or no interest
rates, followed by flexibility and convenience, and non-eligibility for credit
cards.
The number of BNPL users is closing the gap to the number of users using credit
cards. Nearly half of the respondents claim to be using both BNPL and credit
cards for payments, 45% of the respondents said that they would prefer to make
their payments through BNPL, even if they own a credit card.
While the multiple benefits of BNPL are recognized by people across age groups,
60% of those more inclined to adopt BNPL fall in the GenZ and millennial
categories. This points to BNPL becoming a ubiquitous mode of payment in the
future as it sees increased acceptance from the young, digitally savvy segment
of the population, the market research revealed.
Further, BNPL as an alternative mode of payment is adding to the spending
capacity of consumers and is also encouraging overspending. A staggering 90% of
the respondents said that they spent more money than they had intended because
of BNPL, with 40% revealing that using BNPL caused their monthly spending to
increase by 30%. In fact, this increase climbed as high as 50% for 33% of the
respondents. This trend was prevalent across tier-2 and tier-3 cities as well.
The survey also indicated that on average, women spent more money when using
BNPL than males.
Users surveyed also expressed a preference for a credit limit of over INR 50,000
and a repayment period of 30 days, exceeding by far what is currently being
offered by most BNPL providers.
Commenting on the findings, Ashish Gupta, the Co-founder and CEO of Benori,
said,“While there has been a huge increase in online purchases amidst the
pandemic, inflation and reduced disposable incomes led to the emergence and boom
of short-term financing solutions. Both these elements propelled the growth of
BNPL services in the country. While BNPL currently represents only a small share
of the e-commerce spending, there are signs that there is still plenty of room
for BNPL companies to grow in this segment.” Additionally, with easy access to a
digitally-driven credit facility, BNPL is also addressing the gaps in the
consumer credit demand that credit cards are unable to meet.
He added, “Our research findings validate this and emphasise the factors
bolstering the potential of BNPL services in India. With the ever-increasing
e-commerce volume, the fintech ecosystem and other growth drivers coming
together, the Indian BNPL market is poised for growth by 2026.”
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PAYMENTS RECEIVED IN CRYPTOCURRENCIES SET TO FACE GST COMPLICATIONS
Many individuals have claimed that they got paid in cryptocurrency after they
did some work such as graphic designing or advisory for clients based in the US
or Singapore. The question is whether this is supply of services or an export,
and what is the GST applicable on it.
* Sachin Dave
* ET Bureau
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Individuals who had provided services to clients outside India and were paid in
cryptocurrencies are rushing to their tax advisors seeking clarity over
applicability of the goods and services tax (GST). Many individuals have claimed
that they got paid in cryptocurrency after they did some work such as graphic
designing or advisory for clients based in the US or Singapore.
The question is whether this is supply of services or an export, and what is the
GST applicable on it.
After this year's government announcement of taxing crypto assets, many
individuals have disclosed their income from cryptocurrencies and claimed that
this was payment for some work they did during the year.
While the direct tax rules are simple and 30% tax will be applicable on these, a
new complication in the form of GST has emerged, say tax experts.
How much GST is applicable on these transactions or for that matter whether
these transactions can be considered above board is still unclear.
“Receipt of consideration in the form of cryptocurrencies may not be equivalent
to receipt of money in convertible foreign exchange and hence any export benefit
by the Indian exporter would have a direct impact. The RBI guidelines had
earlier equated even receipt of money in Indian rupee to be equivalent to the
foreign exchange and it will need to be seen how clarification addresses the
issue,” said Abhishek A Rastogi, partner at law firm Khaitan and Co.
Take the example of a New Delhi-based resident who has approached his tax
advisor and claimed that he provided graphic designing services to a company
based in Singapore.
He claimed that the company paid Rs 75 lakh for several assignments during the
year in cryptocurrencies.
The tax experts are now in a dilemma.
“There is no clarity on GST rate applicable as the question is whether there is
any supply of services happening in the first place. Secondly, all the
cryptocurrency transactions between such taxpayers and the companies that are
paying have to be cross verified to make sure that this is not a conduit for
anything that’s disallowed under Indian legal system,” said Gaurav Mehta,
founder of Catax, a cryptocurrency tax consultancy firm.
Insiders tell ET that the government could be looking to come out with clarity
on the GST applicable on such transactions.
Some senior government officials had reached out to well known cryptocurrency
tax advisors in this regard and sought suggestions only two weeks back.
The finance minister had in February introduced a 30% income tax on returns from
digital currencies.
The government also introduced a 1% TDS on digital assets. The government has,
however, not used the word ‘cryptocurrency’ in the guidelines announced in the
budget but virtual digital assets.
The government has now even provided additional clarifications that profit and
loss across crypto assets will be disallowed.
Tax on cryptocurrencies or virtual digital assets announced on Tuesday is set to
create more problems for investors as they will now have to not just cough up
additional taxes but may not be able to set off losses from such coins against
returns, ET first wrote on February 3.
So the question is this: If an investor made Rs 1 lakh from Bitcoin trading but
lost Rs 1 lakh from Ethereum trading, what would be the taxation?
Many tax experts claim that in such a situation, the tax will be Rs 30,000—at
30%—and investors will not be able to set off losses from Ethereum trading, ET
wrote. The latest clarification seems to have confirmed this hypothesis.
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UAE’S CYPHER CAPITAL TO INVEST 40% OF NEW $100-MILLION CRYPTO FUND IN INDIA
In an interview with ET, Vineet Budki, managing partner of Cypher Capital, said
India has a combination of talent, successful projects and plenty of retail
crypto investors, which makes it lucrative for venture capital funds to invest
in Indian blockchain and crypto startups
* ETtech
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Mumbai: UAE-based fund Cypher Capital is launching a $100-million Blockchain
Fund that will focus on crypto, blockchain and digital-asset projects. Cypher
Capital aims to invest 40% of the fund in emerging blockchain and crypto
startups in India. Bijan Alizadeh, the fund’s founder, is also its sole
financier.
Its first fund had a corpus of $10 million, which was deployed across 100
blockchain startups such as Casper Labs, Splinterlands and Kilt. Fifteen of the
investments from its previous fund were in India.
From the new fund Cypher Capital will typically invest $200,000 to $500,000,
though this could go up to $1.5 million. It will invest in tokens in a big way
and also plans to pick up stakes in established blockchain funds as general
partners (GPs) and limited partners (LPs) as part of its value proposition, it
said.
In an interview with ET, Vineet Budki, managing partner of Cypher Capital, said
India has a combination of talent, successful projects and plenty of retail
crypto investors, which makes it lucrative for venture capital funds to invest
in Indian blockchain and crypto startups.
“India has shown exceptional interest in blockchain ecosystem building with
projects such as Matic (Polygon) and hence holds special value for us. We
believe in educating people on use cases such as decentralised finance (DeFi),
lending and borrowing and play-to-earn gaming, and handholding blockchain
startups to build valuable companies,” Budki said.
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CRYPTO INDUSTRY IN WAIT AND WATCH MODE AFTER CLARIFICATION FROM GOVT
Market players believe that these stringent and ultra-strict rules will add more
speed breakers to the already bumpy ride of the crypto industry.
* Pawan Nahar
* ETMarkets.com
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New Delhi: The latest clarification from the government over the calculation of
profit and losses on virtual digital assets (VDAs) has hit the crypto players
loud and hard. Their counter-responses say it all.
Market players believe that these stringent and ultra-strict rules will add more
speed breakers to the already bumpy ride of the crypto industry.
Implementing a single tax for a single crypto rule will be a massive blow to the
nascent crypto industry in India, said Shivam Thakral, CEO, BuyUcoin.
"We have urged the regulators to take a nuanced approach towards crypto and
discuss it with the industry stakeholders before arriving at a final decision,"
said Thakral.
"Overall picture looks gloomy for the Indian crypto industry for now."
Minister of State for Finance in Lok Sabha on Monday said that “as per the
provisions of the proposed section 115BBH to the Income-tax Act 1961, loss from
the transfer of VDA (Virtual Digital Assets) will not be allowed to be set off
against the income arising from transfer of another VDA.”
Section 115BBH is a newly proposed section in the Income Tax Act that seeks to
define and add a provision to tax gains from VDAs like cryptocurrencies. Taxes
include 30 per cent on profits and 1 per cent TDS to be collected by exchanges.
Edul Patel, CEO and Co-founder of Mudrex, said that India has more than 15
million cryptocurrency users recording the highest number globally.
"These stricter laws, such as mandatory 1 per cent tax deduction at source on
all crypto transactions, irrespective of profit or loss and 30 per cent taxation
on profits gains, could deplete the crypto trade volume in the country," he
added.
Taxation laws may boost the morale of crypto enthusiasts, but the industry is
currently lingering in the grey area. The government is likely to introduce the
crypto bill soon.
However, market experts believe that it is too early to take a call over the
impact of the government's latest clarification, leading to the outflows from
the crypto class.
Sathvik Vishwanath, Co-Founder and CEO, Unocoin, said that it is just the
clarification provided about the calculation of profit and losses to access
income tax. "This clarity was needed to plan the investments accordingly," he
added.
Amid the regulatory buzz and stringent rules across the globe, crypto
investments are seeing massive outflows, thanks to pressure on the rich and
institutional investors.
After the new laws, institutional and seasoned investors are under pressure with
scepticism over taxation, said Patel from Mudrex. "While the classification of
cryptos is the need of the hour, keeping a legal framework at the backdrop."
High taxes and non-exemption to offset losses from other virtual assets is not
so good, but the clarity would encourage a set of institutional investors to
take crypto exposure for diversification in the next financial year, said
Vishwanath.
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DIGITAL TRANSACTIONS UP 33% TO RS 7,422 CRORE IN FISCAL 2022, SAYS MEITY
MeitY also touched upon the growth of the Unified Payments Interface (UPI),
calling it the “preferred payment mode of citizens”. It said UPI has clocked
452.75 crore transactions worth Rs 8.27 lakh crore in FY22 (as of February 28).
* ETtech
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Bengaluru: The Ministry of Electronics and Information Technology (MeitY) said
on Wednesday that digital transactions worth Rs 7,422 crore have been conducted
in the current fiscal (FY22), as of February 28. That’s 33% a jump from the
whole of FY21, when digital transactions worth Rs 5,554 crore were conducted. In
FY19 that number was Rs 3,134 crore.
“Digital payment transactions have been steadily increasing over the past few
years, as a part of Government of India’s strategy to digitise the financial
sector and economy… Reserve Bank of India (RBI) has taken various steps to
enhance security of digital transactions and reduce fraud,” the ministry said.
MeitY also touched upon the growth of the Unified Payments Interface (UPI),
calling it the “preferred payment mode of citizens”. It said UPI has clocked
452.75 crore transactions worth Rs 8.27 lakh crore in FY22 (as of February 28).
“Covid-19 pandemic has established that digital payments enable access to
healthcare as well through contactless payment modes like BHIM-UPI QR codes in
consonance with the ‘new normal’ of social distancing,” added MeitY.
MeitY also said it has undertaken several initiatives to create awareness of
digital payments in remote parts of the country to boost India’s digital
economy.
“MeitY has undertaken ‘Pradhan Mantri Gramin Digital Saksharta Abhiyan’
(PMGDISHA) to usher in digital literacy in rural India by covering six crore
rural households (one person per household) by March 31, 2023. MeitY advised all
banks and payment service providers to undertake awareness campaigns for
promotion of secure payment practices and generate information security
awareness,” the ministry added.
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RS 8.27 LAKH CRORE TRANSACTIONS RECORDED THROUGH BHIM-UPI PLATFORM
Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) has emerged as
the preferred payment mode of the citizens and has achieved a record of 452.75
crore digital payment transactions with the value of Rs 8.27 lakh crore till 28
February in the current financial year, the Ministry of Electronics & IT said on
Wednesday.
* ANI
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New Delhi [India], March 23 (ANI): Bharat Interface for Money-Unified Payments
Interface (BHIM-UPI) has emerged as the preferred payment mode of the citizens
and has achieved a record of 452.75 crore digital payment transactions with the
value of Rs 8.27 lakh crore till 28 February in the current financial year, the
Ministry of Electronics & IT said on Wednesday.
"Digital payments transactions have been steadily increasing over last few
years, as a part of Government of India's strategy to digitise the financial
sector and economy," the ministry said in a statement.
Over the past four years, digital payment transactions have grown multi-fold
from 3,134 crore in FY 2018-19 to 5,554 crore in FY 2020-21. During the current
financial year till 28th February, the total number of 7422 crore digital
transactions have been recorded.
COVID-19 pandemic has established that digital payments enable access to
healthcare as well through contactless payment modes like BHIM-UPI QR code in
consonance with the "new normal" of social distancing, the ministry said.
The Ministry of Electronics & IT noted that the Government of India and the
Reserve Bank of India (RBI) have undertaken several steps to ensure safety and
security of digital payments.
One of the key safety and security measures for digital payments is multi-factor
authentication. The key objectives of multi-factor authentication are to protect
the confidentiality of payment data as well as enhance confidence in digital
payment by combating various cyber-attack mechanisms, like phishing, keylogging,
spyware/ malware and other internet-based frauds targeted at REs and their
customers.
"A strong grievance redressal mechanism has been set up by the Government and
RBI to address the grievances related to cyber financial frauds of the
individuals, in a time-bound manner," the ministry said.
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HUSBAND AND WIFE ENTREPRENEURS MINT OWN UNICORNS WITHIN A YEAR
Oxyzo Financial Services, a digital lending startup co-founded by Ruchi Kalra,
said Wednesday it hit the milestone with its maiden fundraising round of $200
million. Less than a year earlier, her husband Asish Mohapatra’s OfBusiness
reached the same valuation after backing from SoftBank Group Corp. and others.
* Bloomberg
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NEW DELHI: An Indian couple became the country’s first husband and wife to build
their respective startups into enterprises with at least $1 billion valuation,
also known as unicorns.
Oxyzo Financial Services, a digital lending startup co-founded by Ruchi Kalra,
said Wednesday it hit the milestone with its maiden fundraising round of $200
million led by Alpha Wave Global, Tiger Global Management, Norwest Venture
Partners and others. Less than a year earlier, her husband Asish Mohapatra’s
OfBusiness reached the same valuation after backing from SoftBank Group Corp.
and others.
Kalra, 38, and Mohapatra, 41, are alums of Indian Institute of Technology and
met while working at McKinsey & Co. Both startups are profitable, an unusual
feat for young growth companies. Kalra is the chief executive officer of Oxyzo
while Mohapatra is the CEO at OfBusiness.
Matrix Partners and Creation Investments also invested in Oxyzo in what is one
of the largest Series A rounds in India’s startup industry.
Oxyzo, a blend of the words oxygen and ozone, was founded by Kalra, Mohapatra
and three others in 2017 as an offshoot of the couple’s first startup,
OfBusiness, which they started along with three others in early 2016. Oxyzo uses
technology to crunch data and provide purchase financing to businesses, giving
out cash-flow based loans in a credit-starved country where small and medium
businesses struggle to get working capital.
OfBusiness, formally known as OFB Tech Pvt., supplies bulk raw materials such as
steel, diesel, food grains and industrial chemicals to small and medium-sized
businesses. Its valuation surpassed $1 billion when SoftBank and others invested
in April last year, according to Mohapatra. In December, the startup’s valuation
reached nearly $5 billion as SoftBank and others put more money into it, he said
via phone.
Kalra, who was a partner at McKinsey, left the firm to join entrepreneurial
forces with her husband, who exited venture-capital company Matrix. “We both had
an itch to go out and build something,” she said.
The two startups run separately with different offices and teams, Kalra said.
However, they target the same industries such as manufacturing and
infrastructure sub-contracting. Both are based in Gurgaon.
Oxyzo has more than 500 employees and a data warehouse specializing in supply
chain analytics. It has disbursed over $2 billion in loans and has been
profitable since its inception.
In the statement, investor Norwest described Kalra as the country’s “first
female founder in India of a profitable, fintech unicorn.”
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BUSINESS FUNDAMENTALS ROBUST: PAYTM TO BSE AFTER SHARP PLUNGE IN STOCK PRICE
Paytm comments came after BSE sought clarification from the company with
reference to significant movement in its shares. BSE said, it sought such
clarification "to ensure that investors have latest relevant information about
the company and to inform the market so that the interest of the investors is
safeguarded."
* Amit Mudgill
* ETMarkets.com
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NEW DELHI: One97 Communications (Paytm) on Wednesday said it has no information
that may have a bearing on the price volume behaviour in the scrip and which is
yet not disclosed to the stock exchanges. The company said its business
fundamentals remain robust. In a filing to BSE, Paytm said it has, from time to
time, made all necessary disclosures to stock exchanges within stipulated
timeline.
"The company would also like to point out the business fundamentals remain
robust as demonstrated in our last earning release dated February 04, 2022. We
would like to reiterate that the company is committed to comply with the Listing
Regulations, likely to have bearing on the price/ volume of the shares of the
company would be disclosed, from time to time, to the stock exchanges within
stipulated timeline," it said.
Paytm comments came after BSE sought clarification from the company with
reference to significant movement in its shares. BSE said, it sought such
clarification "to ensure that investors have latest relevant information about
the company and to inform the market so that the interest of the investors is
safeguarded."
BSE's move came as the scrip fell 3.79 per cent on the exchange on Tuesday, in
an otherwise positive day for the market. The scrip settled at a fresh all-time
low of Rs 543.90 on the day. The scrip has plunged 18 per cent in the last five
sessions after the Reserve Bank of India (RBI) banned Paytm Payments Bank from
adding new users. The stock has lost 74.72 per cent of its value over its issue
price of Rs 2,150.
Hurting the sentiment further is the recent target price cuts by Macquarie on
the counter. The foreign brokerage sees the stock falling to Rs 450 level from
its earlier target of Rs 700. The brokerage said its benchmark valuation for
Paytm has been the valuation of global fintechs and as a result, it values the
company at 0.2 times price to sales growth ratio compared to 0.35 times earlier.
The company recently said it achieved the highest ever monthly loan disbursals
in February and a sustained growth in the payments business in the first two
months of the quarter. Paytm said it saw a 105 per cent year-on-year (YoY)
increase in gross merchandise value (GMV) for the first two months of the
quarter at Rs 1,65,333 crore ($22.2 billion).
Paytm's lending business scaled to 4.1 million loan disbursals during the first
two months of the quarter, up 449 per cent YoY, with approximately 2.2 million
loans disbursed in February alone, Paytm said recently, adding this aggregates
to a total loan value of Rs 2,095 crore, up 366 per cent YoY.
But the RBI's ban on adding new customers due to likely gaps in its technology
systems has potentially dented the company's small finance bank aspirations and
further roiling investors skeptical of the fintech's ability to boost earnings
after an expensive initial share sale.
"Paytm stock is in continuous downtrend on negative sentiments and may touch the
levels of Rs 500-450 in near term," said said Ravi Singh-Vice President and Head
of Research ShareIndia.
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