New-Age Tech Stocks Bleed This Week, Ola Electric & DroneAcharya Top Losers

With consistent FII outflows and a declining rupee, the Indian equities market saw high volatility in the first week of December. 

Amid this, new-age tech stocks came under the bear’s grip. Thirty five out of the 47 new-age tech companies under Inc42’s coverage fell in a range of 0.22% to close to 30%.

This led to a $3 Bn erosion from the cumulative market capitalisation of the companies. The m-cap of the 47 new-age tech companies stood at $128.67 Bn at the end of the week as against $131.27 Bn a week ago. 

Following SEBI’s crackdown last week, dronetech company DroneAcharya’s shares saw the highest selling pressure this week. The stock plunged 29.13% to end the week at INR 40.2. The shares also touched an all-time low of INR 32.68 during the week.

Besides the BSE SME-listed company, shares of eight companies – Ola Electric, Tracxn, Awfis, ArisInfra, FirstCry, Urban Company, WeWork India and EaseMyTrip – hit fresh lows this week.

Meanwhile, shares of only three companies – Zelio E-Mobility, Paytm and Lenskart – touched fresh highs this week.

Overall, shares of 12 companies ended the week in the green, gaining in a range of 0.04% to about 9%. 

Recently listed SaaS major Capillary Technologies saw the most bullish investor sentiment this week, with its shares zooming 8.88% to close yesterday’s trading session at INR 702.6. Since making a tepid debut on the bourses on November 21, the company’s shares have surged over 25% from their listing price of INR 560. 

PhysicsWallah was the second biggest gainer this week, with its shares gaining 8.59% to close at INR 135.9. The company is scheduled to release its Q2 FY26 financial statements on December 8 (Monday).

With that, let’s take a look at some of the key developments at listed new-age tech companies this week:

• Fintech major Pine Labs retained profitability in Q2 FY26, posting a profit after tax of INR 6 Cr. The company’s operating revenue rose 18% YoY to INR 649.9 Cr. 
• Adding on to its tax woes, Zomato parent Eternal received a GST demand notice of INR 13.76 Cr from tax authorities in Andhra Pradesh. As has been the case for previous tax notices, Eternal said it would appeal against the order. 
• Coworking space provider Awfis incorporated a new wholly owned subsidiary, Awfis Transform Pvt Ltd, to enter the interior designing space. The new subsidiary would provide interior fit-outs, engineering services, develop software solutions, among others. 
• Bombay High Court dismissed two writ petitions filed against WeWork India’s IPO papers alleging inadequate and incorrect disclosures. Besides dismissing the petitions, the HC fined one of the plaintiffs, Vinay Bansal, INR 1 Lakh. 
• Yatra paid a fine of INR 5.1 Lakh each to the NSE and the BSE for non-compliance with certain directions pertaining to the composition of its board of directors. Besides, the NCLAT asked the resolution professional to file for withdrawal of corporate insolvency proceedings against Yatra’s subsidiary TSI Yatra. The Appellate Tribunal also refunded the INR 4 Cr deposited by the company under the stay order. 

With that, let’s take a look at broader market trends.

Mixed Weak For The Broader Market

The Indian equities market began the week with profit booking after reaching record highs in the previous week but ended the week steadily. While the Sensex marginally higher (0.01%) to end the week at 85,712.37, Nifty 50 declined 0.06% to end at 26,186.45. 

As per Geojit Investments’ chief investment strategist VK Vijayakumar, the key trend of the week was a “tug-of-war” between FIIs and DIIs. 

FIIs maintained their selling pressure, liquidating equity worth INR 10,401 Cr in the cash market during the first week of December. This persistent outflow was largely attributed to the sharp depreciation of the rupee this year, prompting FIIs to realise currency-adjusted profits. 

In stark contrast, DIIs purchased securities worth INR 19,783 Cr, buoyed by the country’s robust 8.2% GDP growth in the September quarter and expectations of acceleration in corporate earnings. 

While FII selling weighed the market down in the early parts of the week, the sentiment reversed on Friday after the RBI delivered a 25-basis point rate cut, alongside proposed liquidity infusion. The move triggered a sharp risk-on buying rally. 

Technically, the Nifty took strong support at the 21-DMA (near 25,950), ultimately closing above the 26,100 level. 

“The broader trend remains bullish, and fresh record highs appear likely, with the index expected to move toward the 26,500 zone in the near term. Meanwhile, the volatility index dropped sharply by 11% to 10.50, a level that remains comfortable for bulls. Momentum indicators and oscillators also continue to signal a buying trend on the weekly timeframe,” Centrum Broking’s technical and derivatives research analyst Nilesh Jain said.

Meanwhile, new-age tech IPO momentum continued this week, with the public offerings of Meesho and Aequs receiving overwhelming investor interest. Wakefit also raised INR 580 Cr from anchor investors yesterday. 

Meesho and Aequs are set to make their public market debut on December 10  (Wednesday), while Wakefit’s IPO will open for subscription on December 8 (Monday).

With that, let’s take a look at what the week was for troubled companies – DroneAcharya and Ola Electric.

Ola Electric’s Rout Continues

Shares of Ola Electric continued their downward slide amid the company’s troubles. The stock hit new all-time lows in the last three trading sessions, ending the week 13.81% lower at INR 35.5. It touched a low of INR 34.73 yesterday. 

On a year-to-date basis, the company’s shares have plunged about 58%. 

The company is struggling with high losses, after-sales service complaints and declining market share in the electric two-wheeler (E2W) segment. 

Once a market leader, Ola Electric fell to the fifth spot in terms of E2W registrations in November. The company’s registrations plummeted 53% to 1.91 Lakh units till November in 2025 from 4.07 Lakh units in 2024. 

More pain for the company’s shareholders is likely ahead. “Investors holding the stock at current levels may continue to do so, as it is too late to consider an exit at this price point. The stock remains suitable only for high-risk investors,” Kranthi Bathini, director of equity strategy at WealthMills Securities, said. 

DroneAcharya Crashes After SEBI’s Clampdown 

Shares of BSE SME-listed DroneAcharya crashed after SEBI found the company guilty for  alleged fraud and misleading investors.

Last week, the regulator fined the company, its founders Prateek and Nikita Srivastava, and associated advisors a total of INR 75 Lakh for allegations including inflated revenues (where 35% of FY24 revenue was fictitious), misuse of IPO funds (diverting INR 27.28 Cr intended for drones into fixed deposits), and making misleading corporate announcements. 

SEBI also alleged collusion with pre-IPO investors who made massive gains (up to 5,800%) after the listing. SEBI also imposed market bans on the company and its promoters. 

Following this, the company’s shares hit lower circuit for three consecutive trading sessions at the beginning of the week. The stock stabilised over the last two trading sessions. 

DroneAcharya has decided to challenge the SEBI order by filing an appeal with the Securities Appellate Tribunal (SAT). 

Meanwhile, two of its independent directors, Bhanupriya N Thakur and Utsav Jasapara, resigned this week. 

“It is deeply hurtful and disappointing that the company has received such a regulatory order. Considering the legal implications arising from it, and to ensure that I have no participation or association in any manner—past, present, or future—with issues related to the said order, I believe it is appropriate and responsible for me to step down from the board and its committees,” Thakur’s resignation letter read. 

(Edited by: Vinaykumar Rai)