Australia's PayPal punishes pricey buy-now-pay-later stocks
Singapore
Shares in Australia’s Afterpay Ltd and its smaller consumer lender rivals tumbled for a second day on Wednesday, as the entry of U.S. giant PayPal into the buy-now-pay-later sector sent investors scrambling to re-price its frothy stocks.
Afterpay fell as much as 12.4%, before paring losses, and has shed about A$2.6 billion ($1.9 billion) in market value in the two trading sessions since PayPal Holdings Inc said it would offer small, short-term loans to U.S. customers.
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