The Indian tech darling’s stock then plummeted. It has, though, rallied 70% so far this year as Paytm somewhat distanced itself from its Chinese shareholders – a perceived geopolitical risk - while Indian markets pushed new highs. With Vijay Shekhar Sharma’s firm not expected to turn a profit until 2025, per consensus forecasts on LSEG, and amid rising concerns that Indian equities are overvalued, it’s a decent time to get out. (By Una Galani)
Follow @Breakingviews on X
Capital Calls – More concise insights on global finance:
Iron ore gains on China’s property debt-rejig pain read more
Carlyle’s Big Mac China dish is hard to match read more
Panasonic’s auto deal deserves a speedy sequel read more
Monte Paschi rebirth is vindication for Rome read more
Banks may resist China’s push to help developers read more
