SoftBank Group Corp.-backed Lenskart Solutions Ltd. tumbled in its Mumbai trading debut after raising 72.8 billion rupees ($821 million), fuelling a debate over the sustainability of soaring Indian startup valuations.

Shares of the eyewear retailer founded by “Shark Tank India” judge Peyush Bansal fell as much as 12% to 355.70 rupees on Monday. The company was valued at 238 times last fiscal year’s earnings in its initial public offering- luring subscriptions that were 28 times the amount of shares on offer, led by institutional investors.

The drop puts Lenskart on track to have the worst opening day for an IPO of its size this year in India, according to data compiled by Bloomberg.

In recent days, social media criticism over the IPO’s valuation got so heated that DSP Asset Managers Pvt

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