Paytm’s layoffs cap off a year of drastic pruning across startups, which have come under immense pressure as funding dried up for loss-making enterprises. New economy companies sacked more than 28,000 employees in the first three quarters of 2023, according to data from search firm Longhouse Consulting shared exclusively with ET.
Shares of One97 Communications (Paytm) have been experiencing a persistent downward trend, with a decline of over 3 percent on Wednesday, following a more than 6 percent drop in the previous session. The stock has faced a considerable downturn of 31.5 percent in December alone.
Shares of One 97 Communications which operates Paytm have been trading at a discount of 37% from its 52-week high of Rs 998 on the NSE. On Tuesday, the stock fell nearly 5% to the day s low of Rs 626 on the NSE
Shares of One97 Communications, the parent entity of digital payment app Paytm rose on Friday on value buying and strong volumes, after an almost 19 percent fall in the previous session on the back of multiple downgrades.