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Zomato, Ola Electric Amid Losers In A Mixed Week For New-Age Tech Stocks
- It was a mixed week for new-age tech stocks on the bourses, with 20 out of 32 companies declining in a range of 0.18% to just under 19%.
- Veefin Solutions saw a 60% erosion in share prices, while EaseMyTrip was the second-biggest loser dropping 13.51%.
- Companies like Ola Electric, MobiKwik, Swiggy, Zomato, and PB Fintech were among the losers for the week.
- On the other hand, 12 new-age tech companies gained up to nearly 12% with Menhood leading the gains at 11.48%.
- Market cap of the 32 new-age tech stocks was at $74.07 Bn by the end of the week as compared to $76.65 Bn in the previous week.
- Benchmark indices Sensex and Nifty 50 showed recovery, with Sensex gaining 0.6% and Nifty 50 moving close to 200 points from the previous week.
- FIIs returned to the Indian market leading to a correction in valuations, attributed to the bear run seen in the past months.
- BofA Securities downgraded Zomato and Swiggy due to expected losses in the quick commerce segment and a slowdown in food delivery segment growth.
- Zaggle made acquisitions in Mobileware Technologies and Effiasoft, continuing its inorganic growth plans.
- Despite acquisitions, Zaggle's shares slipped 0.44% for the week, ending at INR 360.05.
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