Paytm shares rout deals painful reality check for India’s ‘casino’ IPO markets

India’s booming IPO market has suffered a painful reality check with mobile payments start-up Paytm’s shares tanking in their trading debut. The rout is seen as scooping some of the froth from India’s frenzied IPO market and prompting investors to look more critically at fundamentals like revenue and profitability in assessing IPO valuations.“There’s a lesson here: don’t pay attention to the hype,” said Deven Choksey, managing director of brokerage firm KRChoksey Shares and Securities Pvt.Paytm…


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