Paytm will spend up to $127 million to repurchase it shares, the company’s board approved on Tuesday, as the Indian financial services firm looks to calm investors after a tumultuous period that has wiped about 60% value from its shares this year.
The Noida-headquartered firm, which went public late last year, made the proposal last week, a move that saw its shares gain momentum. The share ended the day at 538.4 Indian rupees, or $6.53. Paytm made its debut at 2,150 Indian rupees ($26) and has not even recovered to half of that since January 17. The share fell slightly on the news Wednesday.
The board members “unanimously” approved the firm’s proposal to buy back fully paid-u …
