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Paytm IPO: After historic flop, Vijay Shekhar Sharma compares himself to Elon Musk


The founder and chief govt officer of One 97 Communications Ltd. in contrast his firm to Tesla Inc. — and by extension drew parallels between himself and Elon Musk — after the Indian funds startup suffered a brutal first-day plunge following its preliminary public providing.

Vijay Shekhar Sharma held a four-hour city corridor to rally staff who had watched the corporate’s inventory plummet 27% on Thursday, in accordance to individuals who had attended. The 43-year-old inspired them to look previous the preliminary stumble and to concentrate on the long-term alternatives for bringing digital funds to the nation’s fast-growing web inhabitants. One 97 Communications is the mum or dad firm for the


Sharma, who has tweeted about his admiration for Musk and his buy of a Tesla automobile, reminded staff that the electrical automobile maker’s inventory used to be the among the many most-shorted on the earth. However the firm overcame years of battle to grow to be some of the acknowledged manufacturers globally, he mentioned, in addition to essentially the most precious automaker on the earth.

The corporate’s shares tumbled once more on Monday, the primary trading day after the three-day vacation weekend. Shares had been down one other 17% on Monday, leaving them about 40% beneath the IPO providing value of two,150 rupees.

In July 2020, when Tesla overtook Toyota Motor Corp. to grow to be the world’s most useful automaker, Sharma praised the founder.

”After so many naysayers and folks trying to pull @elonmusk down, he has confirmed what he’s made from!” Sharma mentioned in that tweet, signing off with the Hindi aphorism: “Someday, my time too will come.”

Tesla shares truly rose 41% the primary day after its IPO in 2010. They later fell to lower than $four every and have since surged to give the corporate a market worth of greater than $1 trillion.

–With help from Ville Heiskanen and Richard Frost.

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