The Indian equities market experienced a downturn this week, largely influenced by the ongoing conflict in West Asia. This resulted in renewed selling pressure on new-age tech stocks.
Out of 55 new-age tech stocks monitored by Inc42, 41 saw declines ranging from 0.2% to nearly 16%, while 14 stocks managed to post gains between 0.34% and over 5%.
Fino Payments Bank was notably the biggest loser, with its shares plummeting 15.81% to close at ₹127. The bank has been under scrutiny since the arrest of its MD and CEO, Rishi Gupta, in a GST evasion case.
Other significant losers included BlueStone, EaseMyTrip, Yatra, ideaforge, Paytm, Lenskart, Fractal, and Shadowfax. As a result, the market capitalization of these 55 new-age tech companies fell from $119.46 billion to $116.31 billion.
In contrast, Macobs Technologies, the parent company of D2C brand Menhood, emerged as the top gainer, with a 5.19% rise to ₹212. Other gainers included Eternal, ixigo, CarTrade, and Nazara Technologies. Ather Energy's shares also reached a new 52-week high of ₹802.55 before closing the week at ₹796.45.
This week, 11 new-age tech stocks, including Nazara, Swiggy, Amagi, and MapmyIndia, hit fresh lows.
The broader Indian equities market ended the week lower, with the Sensex declining by 1.33% to 73,583.22 and Nifty 50 dropping 1.28% to 22,819.60. The volatility was driven by fears of energy supply disruptions due to the West Asia conflict and a weakening rupee.
Concerns over currency weakness were heightened as the rupee approached the 95/USD mark. Crude oil prices also remained volatile, contributing to inflationary pressures.
Fino Payments Bank's stock continued to struggle amid ongoing developments related to the GST investigation of CEO Rishi Gupta, who was arrested last month for alleged involvement in a ₹840 crore GST evasion scheme linked to illegal online betting platforms. Although Gupta was granted bail, the company has deferred seeking shareholder approval for his reappointment as MD and CEO.
Meanwhile, shares of Zomato's parent company, Eternal, and its competitor Swiggy moved in opposite directions this week. Swiggy's shares fell 5.16% to ₹268.1, while Eternal's shares rose 0.64% to ₹233.1. Both companies have recently increased their platform fees, reflecting ongoing competition in the food delivery market.
