Paytm founder Vijay Shekhar Sharma compared to Elon Musk

Founder and CEO of One 97 Communications Ltd. compared his company to Tesla Inc. And generally draw parallels between him and Elon Musk after the Indian payments startup suffered a brutal collapse on its first day after going public, Bloomberg reports.

Vijay Shekhar Sharma held a four-hour town hall to gather employees. Who saw a sharp drop in company shares on listing day, those in attendance said. After falling about 27% after recording on Thursday, Paytm claims are down nearly 13% on the day.

On Monday, the digital payments startup shares opened at 51.80 yen and lost another 13% of the IPO at a closing price of 1560.80 yen per NSE share.

After the day the list collapsed, Paytm released a business update for October. GMV rose 131% for the month to $11.2 billion, the company said. In addition, loan repayments, which analysts say are essential to Paytm’s profits, are up more than 400%.

Vijay Shekhar Sharma, 43, at City Hall encouraged staff to look beyond the initial stumbling block and focus on longer-term opportunities to bring digital payments to the country’s fast-growing internet population. One 97 Communications is the parent company of Paytm services.

Sharma, who posted on Twitter about his admiration for Musk and his purchase of Tesla vehicles. Reminded employees that the electric vehicle maker’s stock was once the shortest in the world. But the company has struggled for years to become one of the world’s most famous brands as well as the world’s most valuable car manufacturer. Finally, after so many skeptics and people trying to bring down @elonmusk, he has proven what he is made of! Sharma said in the tweet, signing the Hindi proverb, “One day and my time will come.”

Tesla shares were up 41% on the first day after going public in 2010. They then dropped to less than $4 each and have since soared to a market value of more than $1 trillion.

Paytm raised a record number for its IPO, but its devastating commercial debut sparked criticism that its investment bankers were pushing the offer too far. Vijay Shekhar Sharma emphatically explained that Paytm won Coal India Ltd’s long-standing IPO record. in 2010