New-Age Tech Stocks Lose Almost $4 Bn In M-Cap This Week

SUMMARY

Barring Fino Payments Bank, EaseMyTrip and CarTrade, 29 out of the 32 new-age tech stocks under Inc42's coverage fell in a range of 0.15% to under 19% this week

In total, the total market cap of the 32 new-age tech stocks ended the week at $70.25 Bn as against $73.86 Bn at the end of last week

In the broader market, Sensex ended the week 0.67% lower at 73,828.91 and Nifty 50 fell 0.69% to close at 22,397.20

After seeing slight recovery in the initial few days of March, the sentiment turned negative in the Indian equities market this week. As a result, most of the new-age tech stocks ended in the red this week and their cumulative market capitalisation slumped nearly $4 Bn.Barring Fino Payments Bank, EaseMyTrip and CarTrade, 29 out of the 32 new-age tech stocks under Inc42’s coverage fell in a range of 0.15% to under 19% this week. In total, the total market cap of the 32 new-age tech stocks ended the week at $70.25 Bn as against $73.86 Bn at the end of last week.Experts noted that the Indian economy is showing positive signs of recovery, driven by a moderation in inflation and improvements in economic fundamentals.A recent report by Bloomberg said that over 90% of the EV major’s showrooms are operating without the necessary approvals. However, the company denied the allegations. On Wednesday (March 12), PB Fintech’s board approved an investment of INR 696 Cr (around $80 Mn) by the company in its wholly owned subsidiary PB Healthcare Services Pvt Ltd.