🌍 Paytm shares plunge on market debut

Plus: How much do your groceries cost? [Quartz]( Sponsored by Good morning, Quartz readers! Was this newsletter forwarded to you? [Sign up here](. Forward to a friend who [wants to dance like Uma Thurman](. Here’s what you need to know Shares in Paytm crashed on their first day of trading. The digital payments company’s owner, One97 Communications, [went public]( today in India’s biggest-ever IPO. (See more below.) Evergrande is raising another $270 million. The struggling Chinese real estate firm is [selling its entire stake]( in streaming company HengTen, with a $150 million debt deadline looming tomorrow. The US announced a plan to boost domestic vaccine production. [An additional 1 billion doses]( could be manufactured every year. You can soon repair your own iPhone. Apple will finally [offer instructions and sell certain parts]( for iPhone 12 and 13, and later, Macs with M1 chips. Joe Biden wants an investigation into gas prices. The US president asked the Federal Trade Commission to [look into possible illegal behavior]( as the gap between unfinished gasoline and what drivers pay at the pump widens. Sponsor content by MSCI Integrating climate considerations into your investment process? MSCI can help you bring net-zero solutions to it. Benchmark, measure and manage climate-related risks and opportunities. [Explore how MSCI’s Net-Zero Solutions can help you navigate the road to net-zero.]( What to watch for Paytm is one of India’s earliest startup success stories, and today launched its IPO. [It hasn’t started well](, as we’ve seen. The response from more sophisticated buyers [was already muted](, with some saying its valuation is too high for a company that has [reported losses for the past eight straight years](. [18,300 crore Indian rupees ($2.5 billion):]( Size of One97 Communications’ IPO [Rs1,596 crore:]( Paytm’s losses in the 2020-2021 fiscal year, a 40% reduction from the previous year [11%:]( Drop in Paytm’s revenue in the 2020-2021 fiscal year [28%:]( Ant Group’s stake in One97 Communications, making it the company’s largest shareholder; Alibaba has a 7% stake. Paytm has listed being seen as a “[foreign owned and controlled](” company as a risk in its IPO documents. [1:]( Female director at Paytm, alongside seven men on its board An inflation pop quiz Americans have been watching their grocery bills grow as the global economy struggles to iron out pandemic disruptions. In October, inflation hit [its highest annual rate]( in 30 years: 6.2%. But what does that look like in the grocery aisle? A gallon of whole milk cost $3.38 last year, on average, in US cities. How much are Americans paying now? A. $3.21 B. $3.66 C. $3.91 D. $4.15 The correct answer is B. 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