Ola Electric, Ather Soar In A Bearish Week For New-Age Tech Stocks

With concerns over the impact of US tariffs on Indian exports hitting investor sentiment in the Indian equities market, a majority of the new-age tech stocks under Inc42’s coverage ended the week in the red. 

Twenty seven out of the 37 new-age tech stocks fell this week, losing in a range of 0.29% to under 10%.

The cumulative market cap of these 37 companies declined over $3 Bn to $102.16 Bn as against $105.33 Bn at the end of the last week. 

Travel tech major TBO Tek was the biggest loser, with its shares falling 9.41% to end the week at INR 1,307.25. The company lost $190 Mn in market cap this week to end at $1.61 Bn. 

Fintech major PB Fintech was the third biggest loser this week, with its shares dipping 7.04% to end the week at INR 1,772.45. On Friday (August 29), the NCLT approved the long-pending amalgamation of Info Edge’s subsidiary Makesense Technologies with PB Fintech. 

Other losers this week included Eternal, Swiggy, MapmyIndia, Unicommerce, and more. 

Meanwhile, shares of 10 companies gained in a range of 0.22% to over 16%. NSE Emerge-listed Menhood was the biggest gainer, with its shares surging 16.47% to end the week at INR 198. The gains came after the company informed the NSE that it will convene an EGM to discuss issuing 24.8 Lakh convertible warrants to investors to raise INR 42.2 Cr on September 1. 

EV maker Ola Electric saw a hefty uptick in investor interest this week, emerging as the second biggest gainer of the week. The company’s shares zoomed 14.5% to end the week at INR 54.02. 

Its competitor, Ather Energy, was the third biggest gainer this week, touching a fresh all-time high of INR 458.60 during the intraday trading on Friday.

The company’s shares settled at INR 449.7, marking a 7.94% increase from a week ago. 

Nykaa also touched a fresh 52-week high of INR 236.80 on Thursday (August 28), seeing a bullish momentum throughout the week. The stock ended the week 2.31% higher at INR 230.15. 

Coworking space provider Smartworks touched an all-time high of INR 505 on Monday (August 25). However, the stock ended the week 0.29% lower at INR 489. Fintech major Paytm touched a fresh 52-week high of INR 1,290.95 but ended the week 4.57% lower at INR 1,206.80.

Meanwhile, EaseMyTrip and MobiKwik touched fresh all-time lows this week. While EaseMyTrip’s shares sank 7.03% to end the week at INR 8.33, MobiKwik touched an all-time low of INR 218.85 on Friday. The fintech company’s shares ended the week 3.56% lower at INR 219.80. 

Additional US Tariff Halts The Bulls

The Indian equities market ended the truncated week in the red due to concerns about the additional 25% tariff levied by the US on Indian goods. The additional tariff came into effect from Wednesday (August 27). The stock exchanges were closed on the day due to Ganesh Chaturthi. 

With the tariffs sparking uncertainty about export growth and corporate earnings, both benchmark indices Sensex and Nifty 50 ended the week 1.8% lower at 79,809.65 and 24,426.85, respectively.

Even so, credit rating agency Fitch’s reaffirmation of India’s sovereign rating with a stable outlook provided support to the market. The agency kept India’s sovereign credit rating unchanged at BBB-, indicating underlying economic resilience. 

The sell-off was more pronounced in mid and small-cap indices, which declined between 3% and 4% this week.

“Indian equities ended lower this week as early optimism was overshadowed by sustained selling amid rising global and domestic headwinds,” said Vinod Nair, head of research at Geojit Investments. 

As per the GDP data released by the government after market close on Friday, India’s real GDP grew 7.8% in Q1 FY26 and nominal GDP increased 8.8% during this period.

Looking ahead, the market will focus on key domestic data such as auto sales, HSBC Manufacturing, Services, and Composite PMIs, alongside the GST Council meeting scheduled for September 3 and 4. 

Now, let’s take a look at the performance of Ola Electric and EaseMyTrip this week.

EaseMyTrip Continues The Downward Spiral

Shares of the online travel aggregator continued to face a bearish sentiment, plunging to a fresh all-time low on Friday. The shares pared some of the losses to end the week at INR 8.33, down 7.04% from last week.

With this, the company’s shares have now crashed about 47% year to date. Its market capitalisation, which once stood at above $1 Bn, currently stands at $343.7 Mn. 

Multiple reasons have led to the rout in the stock, including weak financial performance, reduction of his stake in the company by cofounder and ex-CEO Nishant Pitti, the ED’s investigation into Pitti’s alleged connection with Mahadev betting app, and more. 

This week, EaseMyTrip cofounder Prashant Pitti resigned from the position of MD. The company’s board approved the appointment of Nishant as chairman-cum-MD, with effect from August 29. 

On the financial front, its consolidated net profit crashed 99% to INR 44.3 Lakh in Q1 FY26 from INR 33.9 Cr a year ago. Operating revenue also nosedived 25% YoY to INR 113.8 Cr during the quarter.

Ola Electric Sees Revival

The Bhavish Aggarwal-led EV maker continued the momentum it saw last week. The company’s shares zoomed 14.50% this week to end at INR 54.02. Its market cap rose to around INR 23,840 Cr (about $2.7 Bn).  

The bull run for Ola Electric came after it announced its plans to integrate its battery cells into its EVs and unveiled a new escooter during its annual event on August 15. This week, the company also received the certification for the production-linked incentive (PLI) scheme for its Gen 3 scooter portfolio.  

The rally has helped the company recoup some of the losses of the past few months due to its weak financial performance. In Q1 FY26, Ola Electric’s net loss declined 51% sequentially to INR 428 Cr, while operating revenue grew about 36% quarter-on-quarter to INR 828 crore. 

The company forecasted its FY26 revenue to be between INR 4,200 Cr to INR 4,700 Cr and vehicle sales at 3.25 Lakh to 3.75 Lakh units. 

The company’s shares have risen nearly 15% since it disclosed its Q1 results on July 14. Following the disclosures, HSBC raised its price target on the stock to INR 49 from INR 45 earlier but maintained the ‘Hold’ rating, citing caution due to uncertainties around government incentives for battery manufacturing and increasing competition.