Shares of Zomato, which have been on a downward trend for months now, ended the week as the biggest gainer, touching the INR 60-mark for the first time since June 28
Delhivery, which was doing quite well in the stock market so far, ended the week as the biggest loser among the new-age tech stocks
The benchmark indices NSE Nifty50 and BSE Sensex gained 1.7% and 1.8% during the week
It was a volatile week for most of the new-age tech stocks on the stock exchanges, with many of them seeing extreme ups and downs.“With Q1 FY23 result season coming towards close, market focus will shift towards macro factors that include inflation, central bank rate action, oil prices and recession concerns in key economies globally,” said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.The losing streak continued in the next two sessions as well and the stock ended Friday 1.4% lower at INR 555.35 on the BSE.Delhivery shares are expected to trade sideways in the upcoming week, said Kunal Shah, senior technical analyst at LKP Securities. The lower-end support stands at around INR 540, while it would face resistance at around INR 600. The blow to Paytm shares came after reports emerged that advisory firm Institutional Investor Advisory Services India Limited (IiAS) asked the startup’s shareholders to vote against the proposal of reappointing Vijay Shekhar Sharma as the company CEO.On the other hand, Paytm’s digital payments platform reported loan disbursements at an annualised run rate (ARR) of over INR 25,000 Cr ($3 Bn) in July. It stood at over INR 24,000 Cr in June.As per analysts, there are several reasons for the volatility in the stock, including possible regulatory tweaks in the insurtech segment, the Insurance Regulatory and Development Authority of India (IRDAI) setting growth targets for non-life insurers, the data breach incident, among others.
Delhivery, which was doing quite well in the stock market so far, ended the week as the biggest loser among the new-age tech stocks with its shares ending over 12% lower on a weekly basis at INR 555.35 on the BSE. The fall in the share prices was driven by its weak Q1 FY23 results.