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However, analysts are positive on the stock now. “We have seen a huge downside movement in the stock due to the central electricity regulatory commission’s (CERC) order that seems to be negative from 2014-15 onwards but we cannot take a linear negative view on the stock and further downside movement on the stock is unlikely. Currently stock is underpriced. Investors can bet on it for a longer horizon," said Vivek Gupta, director research at CapitalVia Global Research.

Mr. Durov launched Telegram in late 2013 with his brother, Nikolai, just months before he was pushed out of VK, the Russian social-media platform he founded. Mr. Durov pitched his new app—funded with the proceeds from the VK sale—less as a business than as a way for people to send messages while avoiding government surveillance and censorship.