One day's loss does not represent whole picture: Paytm CEO Sharma

New Delhi: Shares of One97 Communications Ltd, Paytm's parent company, on Thursday made a weak market debut and tumbled over 27 per cent from the issue price of Rs 2,150.

However, Paytm founder Vijay Shekhar remained hopeful and optimistic. He sought to assuage investor concerns by asserting that Paytm's growth numbers in the coming quarters would do the talking.

"One day's loss does not represent the whole picture. We have to do a good job in explaining the Paytm business model... this is just the first day. We are growing (in terms of) revenue, we are growing (in terms of) margin. We are expanding and we will continue to expand," founder and CEO Vijay Shekhar Sharma told NDTV. The stock is listed at Rs 1,955, tumbling 9 per cent from the issue price on the BSE. During the day, it tumbled 27.25 per cent to Rs 1,564. It tanked 27.24 per cent to settle at Rs 1,564.15.

On the NSE, it debuted at Rs 1,950, registering a decline of 9.30 per cent against the issue price. The stock plunged 27.44 per cent to settle at Rs 1,560.

Earlier, addressing a gathering on the listing ceremony of One97 Communications, Sharma said, "I believe that Paytm story inspires and hopefully will inspire tens of and hundreds of millions of entrepreneurs that this country will produce in years to come that yes they can do it.

"They can do it even when they come from backgrounds that were not meant to be making you reach here, they can reach here."

The company commanded a market valuation of Rs 1,01,399.72 crore on the BSE. With the decline in the stock price, the company's market valuation eroded by Rs 37,600.28 crore.

"Paytm, the biggest IPO in India so far debuted the secondary market on a weaker note as compared to our expectations of a flat listing," Santosh Meena, Head of Research, Swastika Investment

Ltd, said.

In traded volume terms, 10.06 lakh shares were traded at the BSE and over 2.39 crore shares at the NSE during the day.