Shares of Digital Payments Platform Paytm declined to hit the lowest of 13 percent, Check it Out!

The shares of digital payments platform Paytm were on a decline to hit the lowest of 13 percent in wednesday morning.

Paytm made a dismal debut last month and now it’s shares are further declining after a lock-in period for institutional investors in the company’s initial public offering ended.

Paytm, founded by Vijay Shekhar in 2010 who also broke in tears with joy in the opening ceremony for BSE in November, made a disappointing debut getting list at a 9 percent discounted price and facing significant declines on the first day.

The shares of Paytm fell over 27% in debut on Nov. 22 following India’s largest public offering in a blockbuster year for domestic listings. After today’s session, the stock has logged losses for 13 of the 18 sessions.

And during today’s opening deals, Paytm shares crashed 13.37 percent to ₹1,296.00 rupees on the National Stock Exchange (NSE) and it fell to the lowest of 13.22 percent to ₹1297.70 on the BSE. Until late morning deals, the stocks were down about 9 percent lower.

Shares of the parent company of Paytm, One 97 Communications also faced significant declines. Paytm, which includes SoftBank and Ant Group among its backers, has raised an IPO of $2.5 billion, of which $1.1 billion was from institutional investors. It’s falling stock prices shocks many and many investors have also questioned Paytm’s lack of profits.

Earlier this week, the digital payments firm reported that its gross merchandise value has risen over two-fold to ₹1,66,600 crore in the last months of this fiscal year.

Paytm has disbursed more than four times to 27 lakh loans during the last two month of third quarter of this financial year. The rise in the gross merchandise value is the result of it. Paytm uses GMV as the value of payments made to merchants through Paytm transactions.