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![]() ![]() ![]() The digital payments company’s owner, One97 Communications, went public Thursday in India’s biggest-ever IPO.įord and GM took chips into their own hands. Shares in Paytm crashed on their first day of trading. Despite the $273.5 million sale of the developer’s full stake in streaming firm HengTen Network, the ratings agency said Evergrande’s business model is “effectively defunct.” The e-retailer’s US-listed shares were down 11% Thursday.Īn Evergrande default is likely, S&P said. China’s crackdown on its technology sector and slow economic growth were to blame for the year-over-year decline.
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