Manic Monday: 10 New-Age Tech Stocks Touch New Lows On Tariff Turmoil

Indian stock markets, like most other equity markets across the globe, plunged today over fears of a global trade war after the US announced tariffs on all countries across the world. In line with this, 10 of the 32 new-age tech stocks under Inc42’s coverage touched fresh lows. 

Shares of FirstCry, TBO Tek, ideaForge, Swiggy, Honasa Consumer, Ola Electric, EaseMyTrip, Tracxn, ixigo and Go Digit touched all-time lows or 52-week lows during the intraday trading today. 

Ola Electric plunged to an all-time low of INR 45.55, about 40% lower than its listing price of INR 75.99. Adding to the EV maker’s regulatory woes, it was reported that the company told the road transport and highways ministry that its February sales figures included customer bookings for 10,866 Gen3 escooters and 1,395 Roadster X motorcycles. While deliveries for the former began in March, those for the latter are yet to commence.

Honasa Consumer also touched a new 52-week low of INR 190 during intraday trading today. The company informed the bourses on Saturday that its CMO Anuja Mishra resigned for unspecified reasons. 

Meanwhile, shares of SME listed companies TAC Infosec and Veefin solutions touched lower circuits today.

Barring Delhivery and Menhood, all new-age tech stocks faced selling pressure during the first trading session of the week. The biggest loser today was CarTrade, with its shares falling 12.24% to end the day at INR 1,464.50. 

Delhivery saw its shares zoom over 5% during the intraday trading today and end 4.53% higher at INR 269.95. This came after the company announced the acquisition of its rival IPO-bound Ecom Express on Saturday in what appears to be a distress sale. The deal values Ecom Express at INR 1,407 Cr, about a fifth of its last private valuation of INR 7,000 Cr. 

The cumulative market cap of the 32 new-age tech stocks fell to $71.92 Bn today from $74.75 Bn at the end of last week. 

Trump’s Tariff War Takes A Toll 

After US President Donald Trump slapped tariffs on imports from almost all countries of the world, China announced counter tariffs on the North American nation. This has led to fears of an imminent global trade war. 

As a result, Sensex plunged 2.95% to end the day at 73,137.90 today. Meanwhile, Nifty 50 fell 3.24% to 22,161.60. Japan’s Nikkei 225 and China’s Shanghai composite index ended with losses of over 7% each today.

Siddhartha Khemka, head of research and wealth management at Motilal Oswal Financial Services, said that Nifty 50 saw its worst opening since March 2020 (Covid-19 pandemic) today. 

“The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war. Though the overall impact on India may be limited when compared with other countries, investors are advised to play cautiously during this fray. Focus will be on pure-play domestic themes, where the rebound is likely to be fair when the dust settles,” Vinod Nair, head of research at Geojit Investments, said. 

Moving forward, analysts expect the markets to remain volatile amid the trade tensions and further developments on the tariff front. 

Indian investors will also keep an eye on the meeting of the RBI’s Monetary Policy Committee (MPC), which is expected to announce a 25 basis points rate cut on Wednesday (April 9).

Given the new trade barriers from the US, the meeting would be crucial as it comes amid rising global uncertainty due to escalating tariff tensions, said Narinder Wadhwa, MD  and CEO of SKI capital.

He added that a rate cut by the RBI would provide short-term support to Indian equities, particularly in rate-sensitive sectors such as banking, NBFCs, real estate, and auto. “Lower interest rates would reduce borrowing costs and potentially stimulate consumption and investment, offering a cushion against global headwinds,” he said.