Tuesday saw a record low for Paytm's stock as it fell more than 11% to Rs 475.55 as analysts warned that Reliance's entry into the financial services industry posed a danger to the company. Reliance already holds an NBFC licence, which it could use to significantly expand consumer loans, putting Paytm and Jio Financial Services directly in competition. The erosion in Paytm’s shares may also have a knock-on effect on the broader fintech startup ecosystem in India.
Source: Economic Times
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