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Bloodbath In New-Age Tech Stocks Amid Broader Market Crash, Paytm Only Gainer This Week
- Indian new-age tech stocks saw a bloodbath this week with almost all 27 companies under Inc42’s coverage seeing their shares prices decline significantly.
- Paytm was the only new-age tech company that reported gains, thanks to the National Payment Corporation of India (NPCI’s) approval to onboard new customers for its UPI offering.
- Zomato, Go Digit, Fino Payments Bank, and ixigo reported their September quarter financials this week and ended the week in the red.
- Sensex fell 2.01% from last week to 79,402.29, while Nifty 50 declined 2.86% to end at 24,180.80.
- Vinod Nair, head of research at Geojit Financial Services, attributed the bearish sentiment due to geopolitical tensions, sustained selling by FIIs, and lack of triggers in the domestic market.
- The total market capitalisation of 28 new-age tech stocks under Inc42’s coverage declined to $74.41 Bn at the end of this week from $77.56 Bn last week.
- Paytm posted a consolidated profit after tax (PAT) of INR 930 Cr in Q2 FY25, and received the NPCI’s nod to onboard new UPI users.
- Zomato posted an increase of 389% in its net profit in the September quarter to INR 176 Cr and received board approval to raise up to INR 8,500 Cr via qualified institutional placement (QIP).
- IndiaMART InterMESH reported its Q2 numbers and doubled its net profit in Q2 FY25, but shares fell 19.20%.
- The market saw a subpar Q2 results adding to the selling pressure, while falling crude oil prices indicated that major economies continue to feel the slowdown pinch.
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