Shares in the owner of Indian mobile-payments company Paytm fell sharply on their first day of trading, after it sold about $2.5 billion of stock in the country’s largest initial public offering.
Stock in One97 Communications Ltd. dropped as much as 26% from its IPO price of 2,150 rupees, the equivalent of $28.95, a share, before regaining some ground. By early afternoon Thursday in Mumbai, One97 shares stood roughly 22% lower at about 1,672 rupees a share.
