New age tech stocks Zomato, Paytm and Nykaa continued to remain under pressure today, hitting their respective lows since listing. Zomato slumped over 18% in Monday’s early deals to ₹92 apiece on the BSE. On the other hand, Paytm shares were trading nearly 4% lower at ₹924 apiece.
Another listed start-up, Nykaa, has dropped 9 per cent to Rs 1817.7. The scrip has dived 30 per cent from its highest price scaled in November 2021.
These shares have also declined up to nearly 55 per cent from their respective 52-week highs.
The food delivery platform Zomato got listed in July 2021 and is up more than 30% from its IPO issue price of ₹76. Meanwhile, Paytm is down over 57% from its issue price of ₹2,150.
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Meanwhile, Sensex slumped over 200 points in opening trade on Monday, tracking losses in index majors Wipro, Bajaj Finserv and Infosys amid a largely negative trend in global markets.
ICICI Bank rose as much as 1.5% after India’s second-largest private-sector lender beat profit expectations on the back of strong loan growth and lower bad loan provisions.
PB Fintech, the parent company of PolicyBazaar, has slumped about 5 per cent to Rs 825.70. The parent company of PolicyBazaar and Paisabazaar has lost 45 per cent of value from peak levels.
Besides, unabated foreign fund outflows also put pressure on domestic equities, traders said. Investors are keeping an eye out for earnings reports from several companies, including Axis Bank and HDFC Asset Management.
(With inputs from agencies)
