Paytm's announcement to invest Rs 100 crore in GIFT City came ahead of the Vibrant Gujarat Global Summit 2024, scheduled to be inaugurated by Prime Minister Narendra Modi on January 10.
The layoffs at Paytm are likely to affect at least 10 per cent of the overall headcount, and is believed to be among the steepest job cuts by an Indian new-age tech firm this year.
Shares of Paytm, extended its gains by more than 4 per cent to Rs 934, before giving up some gains, commanding a total market capitalization of close to Rs 59,000 crore