New-age tech stocks like Zomato, Nykaa, Paytm, and PB Fintech are recorded falling down by 6%.
Shares of food-tech startup named as Zomato, which have been seen under a pressure conditions, keep on falling down by 5.87% to INR 55.35 on the BSE market.
It is estimated that nearly 31% of the downfall took place in the last month. From the peak of INR 169.10 in November last year, by 67% in the last 5 months has decreased.
Shares of one of the most popular beauty markets, Nykaa fell 2.15% to INR 1,466.55. Nykaa also witnessed investors’ anger, in the last month the market value of Nykaa has fallen by 19%. From the peak of INR 2,574 in November 2021, the stock fell pointing to the overall negative market sentiment.
Fintech payment transactional giant Paytm’s shares fell 5.76% to INR 553.75. The recent development of Paytm Mall is planning to exit the company has further added to its distress.
The valuation of Paytm Mall is recorded from $3 Billion to $13 Million in the last three years after Jack Ma sold his entire 43% stake in the company for INR 42 crores.
Whereas, the shares of PB Fintech, which holds PolicyBazar, also fell by 5.66% to INR 616.20. It opened at INR 650.05 a day ago and sank to INR 611.55.
Central banks across the world are showing strictness over the policy rates between the rise in inflation. Investors have opposed the risk factor. India is no exception to it, and the new-age tech stocks are facing the impact of this negative sentiment as investors are worried about the lack of profitability of these startups.