13 New-Age Tech Stocks Touch Fresh Lows This Week Amid Broader Market Decline

While the gloom that has gripped the markets over the past few weeks continued to wreak havoc this week, new-age tech stocks saw a mixed response from investors. While fourteen of the 32 new-age tech stocks under Inc42’s coverage gained in a range of 0.03% to a little under 7%, 18 stocks declined in a range of 0.34% to just under 15%.

The overall market capitalisation of the 32 new-age tech stocks recovered a bit from last week, rising to $77.54 Bn from $76.26 Bn at the end of the previous week.

The biggest gainer this week was foodtech major Zomato, with its shares rising 6.60% to end the week at INR 230.25. Shares of its archrival Swiggy also ended the week in the green, zooming 5.96% to end at INR 360.70. 

After market hours on Friday (February 21), Swiggy announced plans to invest INR 1,000 Cr in its wholly owned subsidiary Scootsy Logistics to fuel its business expansion. On the same day, the NSE announced that Swiggy will be included in Nifty Next 50, Nifty 100, Nifty India New Age Consumption and Nifty India Digital indices.

The week’s second biggest gainer, Awfis, was also included by the NSE in Nifty Total Market and Nifty Microcap 250. Shares of Awfis gained 6.31% this week to end at INR 678.20. 

Earlier in the week, the coworking space provider informed the bourses that the GST department had asked HDFC Bank and ICICI Bank to provisionally attach its accounts over claiming excess input tax credit (ITC). However, the accounts were restored on Friday. 

The list of gainers this week featured names like Fino Payments Bank, Delhivery, EaseMyTrip, ideaForge, and Ola Electric – all of them touched fresh lows this week before recovering to end the week in the green. 

Meanwhile, RateGain emerged as the biggest loser this week, with the stock falling 14.66% to end the week at INR 534.90. Its shares touched a 52-week low of INR 475.25 on February 19, before recovering a bit by the end of the week. 

In the list of losers, Yatra, DroneAcharya, IndiaMART, Unicommerce, FirstCry, MobiKwik, Tracxn and Yudiz touched fresh lows this week as well.

FIIs’ ‘Sell India, Buy China’ Strategy Pulling Down Indian Market 

In the broader market, Sensex ended the week 0.83% lower at 75,311.06 and Nifty 50 fell 0.58% to 22,795.90. The major driver for this bearish sentiment was the unabated selling spree of foreign institutional investors (FIIs). 

In the month of February (till February 21), FIIs have sold equity shares worth INR 30,588 Cr. Overall, they have pulled out INR 1.13 Lakh Cr from the Indian equities market in 2025 so far. 

V K Vijayakumar, chief investment strategist at Geojit Financial Services, observed that while the US market has been attracting huge capital inflows from the rest of the world post Donald Trump’s victory in US presidential elections, the trend now seems to be moving in favour of China. 

According to market experts, the Chinese equities market has become attractive after a prolonged correction and the economic stimulus package announced by the Chinese government in September last year. The stimulus package includes policy support, regulatory easing, and measures to boost FII sentiment, which has renewed investor confidence.

“The Chinese president’s meeting with business leaders have kindled hopes of a growth recovery. The Chinese stock market responded positively to this. The Hang Seng index (FIIs buy Chinese stocks through the Hong Kong stock market) shot up by 18.7% in a month in sharp contrast to the 1.55 % decline in the Nifty. Since Chinese stocks continue to be cheap, this ‘Sell India, Buy China’ trade may continue,” he said. 

Vaibhav Porwal, cofounder of Dezerv, said that Chinese stocks have been heavily discounted due to geopolitical tensions and regulatory uncertainties. 

“India’s premium valuation relative to peers like Indonesia, South Korea, and Taiwan has been a headwind. A consolidation or earnings-driven growth could reset valuations and make Indian equities more attractive. The FII inflows will be dependent on how the earnings growth recovers,” he added. 

Now, let’s take a deeper look at the performance of some of the new-age tech stocks this week.

Zomato’s Latest Offering – Nugget 

After multiple months of turbulence, shares of foodtech major Zomato gained the most over the past week. The company’s market cap rose $1.60 Bn to $25.65 Bn. 

The foodtech major regained investor interest this week after the company announced the launch of its AI-native, no-code customer support platform ‘Nugget’ for enterprises.

While much isn’t known about the new platform, Zomato CEO Deepinder Goyal said that Nugget “helps businesses scale support effortlessly—highly customisable, low-cost, no dev team needed”. 

The foodtech major’s entry into the SaaS segment comes at a time when it is on its way to be rechristened from Zomato to Eternal. 

At the end of the week, the NSE included the new-age tech company in Nifty 50, making it the first startup to be included in the index. Zomato is also included in BSE’s Sensex and NSE’s F&O segment. 

RateGain Struggles Post Q3 Results 

Shares of RateGain have fallen about 14% since its disclosure of its Q3 FY25 numbers. Amid this, the company’s market cap, which crossed the $1 Bn mark last year, plunged to $728.1 Mn at the end of the week. 

The travel tech SaaS company’s consolidated net profit surged 40% to INR 56.54 Cr in the quarter from INR 40.42 Cr in the year-ago quarter on higher EBITDA margins, driven by strategic investments in product innovation and partnerships.

Revenue from operations jumped nearly 11% to INR 278.70 Cr in the December quarter of FY25 from INR 252 Cr in the same quarter last year, with steady growth across marketing technology (martech) and desktop-as-a-service (DaaS) segments. 

Amid this downturn, ICICI Prudential Mutual Fund increased its holding in the company this week. The mutual fund purchased an additional 1.62 Lakh shares of the enterprise tech company through a secondary market transaction, increasing its shareholding in the company to over 5%.

The fund house acquired 1,62,281 shares of RateGain through its various schemes on February 19, raising its stake to 5.06% from 4.92% earlier.

On February 20, RateGain announced that it has onboarded Nok Air, a leading budget carrier in Thailand, as a client for its advanced pricing intelligence platform AirGain.