Shares of One97 Communications, the parent company of digital payment firm Paytm, fell by 40% over two days from its issue price of Rs 2,150, NDTV reported. The company’s market value dropped by Rs 56,233 crore.

By 1.43 pm on Monday, the price of Paytm share fell by 13.71% and was valued at Rs 1,344 on the 30-Share Bombay Stock Exchange.

The stock was listed for Rs 1,955 on the Bombay Stock Exchange on Thursday, registering a drop of 9% from the issue price of Rs 2,150. That day, the digital payment firm had not fared well throughout the trading session as its share price fell by 27.25%.

On November 8, the fintech company had opened its Rs 18,300-crore initial public offering, or IPO, for subscription. It was India’s largest IPO till date.

However, market experts were apprehensive about Paytm’s performance on the capital market, with many pointing out that it was a loss-making company. Paytm had incurred losses of Rs 1,701 crore in the previous financial year. The company had covered up the losses by cutting marketing and advertising expenses.

Brokerage firm Macquarie, in its research report, had said that Paytm’s business model was a “cash guzzler” and it did not have focus or direction. The report also stated that it will be challenging for Paytm to be profitable because of market regulations and competition.