New-Age Tech Stocks Tumble This Week, Swiggy Leads Sell-Off With 24.5% Fall
Indian new-age tech stocks experienced significant losses this week, with 63 of 67 tracked companies declining between 1% and 24.5%. Swiggy led the selloff, plummeting 24.5% after Q2 results revealed mounting losses at its Instamart quick-commerce division. Twelve other stocks hit 52-week lows during the volatile period. Meanwhile, B2B manufacturer Zetwerk and defence tech firm Tonbo Imaging completed public debuts at a premium but fell below listing prices immediately after. The combined market cap of tracked new-age tech stocks fell to $149.2 billion.
Key points
- 63 of 67 new-age tech stocks declined in value this week
- $11 billion in combined market cap lost across sector
- Swiggy's Instamart losses drove its 24.5% stock fall
- Two IPO debuts (Zetwerk, Tonbo Imaging) closed below listing prices
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