Paytm wild ride continues as stock sinks again ahead of earnings

Paytm said its gross merchandise value climbed 131% on-year to 832 billion rupees in October in the critical period ahead of the Diwali holiday

India’s digital payments giant Paytm is set for another bout of scrutiny on Saturday when it reports earnings in the wake of its record-breaking initial public offering and tumultuous stock market debut.

Ahead of the results, Paytm’s shares dropped as much as 7.7% in early Mumbai trading on Friday. While the stock had jumped about 32% over the last three days, it is still well below the price set in the $2.5 billion IPO as investors continue to weigh its longer-term prospects.

“Revenues for Paytm have remained more or less flat despite a rise in customer base for the last couple of