New-Age Tech Stocks: BlueStone, ideaForge Lead Weekly Gains; PB Fintech, Meesho Slip
by Akshit Pushkarna · Inc42SUMMARY
- 31 out of the 57 new-age tech stocks under Inc42's coverage fell in a range of 0.03% to close to 10% this week. The remaining 26 gained between 0.04% to about 16%
- The Nifty 50 and Sensex fell over 0.5% each during the week to close at 23,366.70 and 74,243.34, respectively
- While Wakefit, Zappfresh, Swiggy and Go Digit plummeted to fresh lows this week, Kissht, Aye Finance, RateGain, Ather Energy, SEDEMAC, MobAvenue and ideaForge touched fresh highs this week
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New-age tech stocks saw another mixed week amid the ongoing broader market turmoil due to ongoing geopolitical tensions. While 31 out of the 57 new-age tech stocks under Inc42’s coverage fell in a range of 0.03% to close to 10% this week, the remaining 26 gained between 0.04% to about 16%.
The list of losers was topped by PB Fintech, with the stock falling 9.86% to end at ₹1,534.6. Investors turned bearish on the insurance aggregator after chairman Yashish Dahiya, in an interview with ET, expressed concerns over reports of IRDAI bringing in caps on distributor commissions.
The second biggest loser this week was ecommerce giant Meesho, whose shares have now fallen across nine consecutive trading sessions. The stock ended the week at ₹165.85, down 9.74% on a weekly basis. Brokerage firm Choice Institutional Equities highlighted that the upcoming six-month lock-in expiry for shares on Tuesday (June 9) is creating a downward pressure.
Meanwhile, Wakefit, Zappfresh, Swiggy and Go Digit plummeted to fresh lows this week. These stocks have been under pressure for weeks now.