New-Age Tech Stocks: Kissht & MobiKwik Rally, Zappfresh Hits Record Low This Week
by Akshit Pushkarna · Inc42SUMMARY
- Of the 64 new-age tech stocks tracked by Inc42 until last week, 30 gained and 34 declined, while RentoMojo became the 65th stock in the universe following its listing.
- Company-specific triggers drove sharp moves in stocks such as Kissht and MobiKwik despite the broader equity market extending its losing streak to six weeks.
- Kissht gained 7.66% and MobiKwik rose 5.81%, while Zappfresh slumped 13.43%. RentoMojo became the latest addition to listed new-age tech stocks.
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Investor sentiment towards new-age tech stocks remained divided this week, even as the broader Indian equity market continued to face pressure. Of the 64 stocks tracked by Inc42 until last week, 30 gained between 0.18% and 7.69%, while 34 declined by as much as 13.43%.
Zappfresh was the biggest loser of the week. The stock fell to a record low of ₹54.02 yesterday before closing at ₹55.06, ending the week 13.43% lower. The decline came after CARE Ratings, on September 11 (Friday), flagged deviations of 10% to 25% in the use of proceeds from the company’s ₹59.06 Cr IPO.
ESDS was the second-biggest loser, falling around 10% during the week to close at ₹1,545.15 after rallying sharply in the sessions following its listing. However, the stock continues to trade at more than twice its listing price.
Shiprocket also pared its listing gains, declining 7.39% to ₹121.55. The stock is now trading more than 6% below its listing price.