How has the Paytm story and the stock price fall panned out in the last few months since its listing?

In a way, nothing has gone right for the Paytm stock from the time it listed. The stock price has now dipped 73% from the IPO price in 4 months flat. While all digital stocks have fallen, in the case of Paytm, the stock did not even get up to 85% of the original issue price, post listing. The stock seems to lack willing buyers even after such a sharp dip. There are analogies of Bharti Airtel and Infy but these stocks never got fancy valuations from PE funds.

One reason is negative news flows with Macquarie downgrading the stock price target further to Rs.450. You can argue that investors looking for consistent profits should look at Infosys or HDFC Bank, but you cannot argue with markets. News flows are the issue. Firstly, RBI barred Paytm Payment Bank from opening fresh accounts. Then allegations of Paytm leaking critical data to its Chinese partners cropped up. This just added to the sharp fall.