Amidst a challenging week for new-age tech stocks due to ongoing market volatility, BlueStone, a prominent jewelry brand, stood out with a remarkable 13.95% surge in its share price, closing the week at ₹522.45. The Indian equities market faced significant pressure, resulting in a combined market cap drop of over $5 billion for 54 new-age tech companies, totaling $115.94 billion by the week’s end.
SEDEMAC, a deeptech company, made a notable debut on the public market, initially trading at a 12% premium before experiencing a slight decline over subsequent sessions, ending at ₹1,462.8. Including SEDEMAC’s market cap of $697.7 million, the cumulative market cap of 55 tech companies covered by Inc42 reached $116.64 billion.
While 39 out of the 54 companies witnessed a decline in their share prices ranging from 0.19% to nearly 15%, others like Ather Energy, PhysicsWallah, and RateGain saw gains between 0.09% and almost 14%. However, Aequs, a contract manufacturer, faced a significant drop of 14.96%, closing at ₹117.1, marking the largest decrease for the week.
This fluctuation in the market indicates the sensitivity of new-age tech stocks to external factors, highlighting the need for investors to carefully navigate the current market conditions.
Source: Inc42 Media