New-Age Tech Stocks Slide Amid Q4 Earnings; Pine Labs, Zaggle Lead Losses
by Akshit Pushkarna · Inc42SUMMARY
- Forty six out of the 57 new-age tech stocks under Inc42's fell in a range of 0.2% to over 22% this week
- Six stocks — Aye Finance, Fractal, Honasa Consumer, ideaForge, Ather Energy and Shadowfax — touched fresh highs this week
- The cumulative market cap of 57 new-age tech stocks stood at $125.14 Bn at the end of the week
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New-age tech stocks saw a bearish week as investors turned selective amid the ongoing Q4 earnings session. Forty six out of the 57 new-age tech stocks under Inc42’s coverage fell in a range of 0.2% to over 22% this week.
Fintech company Pine Labs emerged as the biggest loser after the expiry of its IPO lock-in on Wednesday (May 13). After touching an all-time low of ₹151 on Wednesday, the company’s shares recovered a bit to end the week at ₹152.7. The stock slumped 22.15% during the week.
Similar to Pine Labs, shares of Groww also plunged 8.15% this week to end at ₹187.6 following its lock-in expiry earlier in the week. Zaggle, Awfis, Urban Company, and MobiKwik were among the other losers this week. Besides Pine Labs, shares of Swiggy and Wakefit also touched fresh lows this week.