New-Age Tech Stocks: Insurtech Sell-Off Drags Combined M-Cap Down By $3.6 Bn This Week

by · Inc42

SUMMARY

  • New-age tech stocks lost $3.6 Bn in combined market capitalisation this week, with Turtlemint and PB Fintech leading declines at 34.97% and 33.02%, respectively
  • The week highlighted divergent investor appetite, with sharp selling in listed insurtech companies alongside strong bidding for Moneyview’s IPO and fresh fundraising plans from listed companies
  • Of the 65 stocks tracked by Inc42, 28 gained and 37 declined, with Capillary and Zelio rising 24.59% and 23.96%, respectively
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New-age tech stocks saw a bearish week, with a sharp sell-off in PB Fintech and Turtlemint following IRDAI’s proposed commission caps overshadowing gains in Capillary Technologies and Zelio E-Mobility.

Turtlemint plunged 34.97%, while Policybazaar parent PB Fintech lost 33.02% during the week. The declines came as investors assessed the potential impact of lower insurance commissions on the companies’ revenue and profitability.

SaaS company Capillary Technologies led the gainers, rising 24.59% to ₹603.15. Zelio E-Mobility followed with a 23.96% jump to ₹1,056.90.