New-Age Tech Stocks See Another Mixed Week As Market Volatility Persists

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It seems that the Indian new-age tech stocks experienced a mixed performance this week, with some companies gaining while others saw their shares plunge. Among the 14 listed new-age tech startups coverage, six companies saw their shares increase, while the rest ended the week in the red. DroneAcharya was the biggest winner, with its shares gaining 7.3% on the BSE, followed by Paytm, which rallied 7%. On the other hand, EaseMyTrip, which completed two years of its market listing this week, was the biggest loser, with its shares plummeting over 12%. Other tech startups that ended the week in the red included CarTrade Technologies, Zomato, RateGain, Nykaa, Tracxn, MapmyIndia, and PB Fintech. Additionally, Nykaa experienced a mass exodus of senior executives, with several key figures leaving the company. Overall, the broader equity market showed signs of recovery in the first half of the week but slumped again in the second half due to macroeconomic uncertainties. The Sensex fell 0.8% to 57,527.10, while the Nifty50 declined 0.9% to 16,945.05.

It appears that shares of Paytm had a volatile week, falling in the first trading session but jumping over 11% in two consecutive mid-week sessions. The stock shed some of those gains in the last two trading sessions, but still emerged as the biggest gainer with shares ending 7% higher at INR 619.3 on the BSE for the week.