Shares in Indian markets fell 9.02% in the opening hours of trading on Monday after a disappointing market opening on Thursday. Indian markets remained closed on Friday on account of Guru Nanak Jayanti.

Its market cap came down from Rs 1 lakh crore to Rs 92,187.76 crore.

Founder and CEO of Paytm Vijay Shekhar Sharma told employees at the town hall that they didn’t need to read much into criticism of its business model after its shares crashed when it listed last week.

Sharma said the company’s focus on expanding the market and the ability of the team to execute the plan will determine the company’s results.

Over the weekend, the payments giant said its gross trading value — or payments to merchants through its platform —
jumped 131% to $11.2 billion A year ago to last month.

The company said in a statement given to the BSE on Sunday night that the growth was supported by the expenses of the festive season. GMV does not include peer-to-peer payments.

Its monthly transactional users (MTU) grew by more than 35% to 63 million in October this year, from 47 million in the same month last year. GMV per MTU increased from $104 to $177.

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