New-age technology stocks faced a challenging week as market volatility led to a substantial decline in their value. A total of 54 new-age tech companies experienced a collective decrease of $15.9 billion in market capitalization, ending the week at $127.3 billion compared to $143.2 billion the previous week.
Among the 54 companies, share prices of 39 plummeted by as much as 24%, with several hitting fresh lows, including Veefin Solutions, Awfis, Zaggle, Ola Electric, Smartworks, Pine Labs, WeWork India, MapmyIndia, Urban Company, and PhysicsWallah.
Despite the general downward trend, 15 companies managed to see their stock prices rise between 0.11% and close to 29% during the February 23-27 period.
Prominent companies like Groww, Paytm, Swiggy, and Eternal were not immune to the market downturn, with their share prices also taking a hit. In contrast, BSE SME-listed Zelio Mobility experienced a notable 28.92% surge, while Lenskart continued its upward trajectory, reaching a new all-time high.
Key events during the week included Fino Payments Bank’s CEO Rishi Gupta’s arrest for alleged tax evasion and Capillary Technologies’ acquisition of Mastercard’s cloud-based loyalty and engagement platform Sessi by its step-down subsidiary.
Source: Inc42 Media