In a week marked by bearish sentiment in the Indian equities market, new-age tech stocks faced significant declines, with Fino Payments Bank emerging as a major loser. The market capitalization of 55 tech companies dropped from $119.46 billion to $116.31 billion, reflecting the overall negative trend.
Among the 55 tech stocks tracked, 41 experienced losses ranging from 0.2% to nearly 16%, while 14 saw gains between 0.34% and over 5%. Fino Payments Bank, particularly affected by the recent arrest of its CEO, Rishi Gupta, plummeted by 15.81% to ₹127.
Other notable decliners included BlueStone, EaseMyTrip, Yatra, ideaforge, Paytm, Lenskart, Fractal, and Shadowfax. Conversely, Macobs Technologies, the parent company of Menhood, witnessed a 5.19% increase, positioning it as the top gainer for the week.
Despite the market turmoil, Ather Energy’s stock reached a new 52-week high before closing 1.69% higher. Notably, 11 tech stocks hit fresh lows, including Nazara, Swiggy, Amagi, MapmyIndia, and Fino Payments Bank.
This volatile week underscores the challenges facing new-age tech companies and the impact of external factors on their performance.
Source: Inc42 Media