Zelio E-Mobility, Fino Payments Bank Rally Amid Mixed Week For New-Age Tech Stocks

Investor sentiment around new-age tech stocks remained mixed this week, even as the broader market showed resilience. Twenty nine out of the 47 new-age tech stocks ended the week in the red, falling in a range of 0.17% to over 12%.

Smartworks emerged as the biggest loser this week, with its shares crashing 12.36%. It was followed by PhysicsWallah, which fell 7.19%, and ArisInfra, which declined 7.90%. FirstCry, MobiKwik, BlueStone, and Urban Company were among the other losers this week. 

Meanwhile, 17 companies posted weekly gains. Zelio E-Mobility was the biggest gainer, with its shares surging 15.46%. Fino Payments Bank, Pine Labs, Capillary Technologies, BlackBuck, and Ather Energy also notched meaningful advances during the week.

Shares of NSE SME-listed Macobs Technologies ended the week flat.

The combined market capitalisation of the 47 new-age tech companies stood at $131.27 Bn at the end of the week as against $131.52 Bn a week ago.

Adding to the flurry of IPO activity, two more new-age tech companies, Aequs and Meesho, filed their red herring prospectuses (RHPs) this week. 

Contract manufacturing company Aequs’ IPO will comprise a fresh issue of up to INR 670 Cr and an OFS of up to 2.03 Cr shares. Ecommerce unicorn Meesho is looking to raise up to INR 4,250 Cr through a fresh issue. The public offering will also comprise an OFS of up to 10.55 Cr shares. 

Both issues will open for public subscription on December 3 and close on December 5. The shares of the companies are expected to list on the exchanges on December 10. 

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

• SEBI slapped a fine of INR 75 Lakh on dronetech company DroneAcharya, its founders Prateek and Nikita Srivastava, and several associated advisors for alleged IPO and disclosure fraud. The regulator has also imposed market bans.
• Groww infused INR 104.5 Cr into recently acquired wealthtech subsidiary Fisdom to meet payout and working-capital needs as it doubles down on building a full-stack wealth platform post-IPO.
• Ola Electric secured shareholders’ approval to raise up to INR 1,500 Cr to expand its energy-storage and cell manufacturing capabilities amid weak EV sales and sliding share prices.
• Paytm Payments Services received the RBI’s final approval to operate as a payment aggregator, strengthening its merchant payments stack just weeks after Paytm cleared a INR 2,250 Cr rights issue to support the unit.
• Blinkit secured another INR 600 Cr from parent Eternal to ramp up dark store expansion as the quick commerce battle heats up.
• Yatra elevated cofounder Dhruv Shringi to the role of executive chairman and appointed Siddhartha Gupta as the CEO to focus on global expansion and innovation.

Now, let’s take a look at the performance of the broader market this week.

Sensex, Nifty 50 Touch New Highs

Continuing last week’s gains, the Indian equities market ended on a positive note, with Sensex and Nifty 50 managing to recover from bouts of intermittent volatility. The benchmark indices touched fresh record highs during the intraday trading on November 27 (Thursday) but profit-booking at elevated levels capped the upside.

Softer US bond yields, renewed expectations of an impending US Fed rate cut, and benign crude oil prices boosted investor sentiment. 

Domestically, early weakness, triggered by a depreciating rupee and persistent FII outflows, was counterbalanced by strong domestic institutional inflows, particularly in the latter half of the week. 

India’s stronger-than-expected Q2 GDP print further bolstered sentiment. According to data released after market hours yesterday, the Indian economy expanded 8.2% in the September quarter, driven by resilient manufacturing activity, a healthy uptick in construction, and robust private consumption. 

VK Vijayakumar, chief investment strategist at Geojit Financial Services, said that improved corporate earnings in Q2 and prospects of further improvements in Q3 and Q4 have buoyed the sentiment. 

He added that FIIs sold equities worth INR 15,659 Cr and bought shares worth INR 11,894 Cr via the primary market in November so far. “FIIs were buyers on some days and sellers on some other days recently. This is an indication that FII flows may change when the circumstances change. And, there are indications of changes… The optimistic new market mood and the impressive GDP numbers warrant a change in FII strategy,” Vijayakumar said. 

Next week, investors will track key global and domestic macro triggers, including India and US PMI prints, the US core PCE inflation report, initial jobless claims, and the RBI MPC’s policy decision. 

With that, let’s take a closer look at the performance of some of the new-age tech stocks this week.

Paytm Jumps Amid Bulk Deals

Shares of fintech major Paytm ended the week 4.37% higher despite institutional selling in recent weeks. On November 24 (Monday), BNP Paribas Financial Markets and Integrated Core Strategies (Asia) collectively offloaded Paytm shares worth INR 1,740.8 Cr via bulk deals. 

This followed Elevation Capital’s exit last week, when the VC firm divested 1.19 Cr shares for INR 1,556 Cr. Analysts said these moves are largely profit booking after Paytm’s strong rally over the past year.

The recent bulk deals are primarily technical and valuation-driven rather than a sign of any structural weakness, ICICI Securities said in a report this week. 

The brokerage noted that early investors are monetising gains while the business mix becomes cleaner and more predictable after the payments bank transition. ICICI Securities sees improving unit economics and rising contribution margins as supportive factors for the stock, even as short-term volatility is likely to continue due to block deals.

It has a ‘BUY’ rating on the stock with a target price of INR 1,450. It said that Paytm’s focus on core payments will improve cash flow visibility. Growth from merchant payments, offline expansion, and UPI-led monetisation is expected to continue over the next few years. 

The brokerage also believes that the company’s leaner cost structure and regulatory clarity position it for sustained profitability from FY27 onward, with further upside as high-frequency payments and NRI UPI adoption scale.

Shares of Paytm have risen more than 40% over the past year and are up 46.2% year to date. In Q2 FY26, its operating revenue grew 24% YoY to INR 2,061 Cr. However, net profit fell 98% to INR 21 Cr, due to INR 190 Cr impairment from the closure of the First Games JV and a one-time gain in the year-ago quarter.

Amid the regulatory reset, Paytm has exited non-core businesses, strengthened compliance, and simplified its group structure. Its board recently approved an additional INR 2,250 Cr investment into Paytm Payments Services. 

Yesterday, Paytm said the transfer of its offline merchant payment business to its subsidiary Paytm Payments Services Ltd will be effective from the midnight of November 30.

CarTrade Drops Plan To Acquire CarDekho 

CarTrade has called off the discussions to acquire the new and used automotive classifieds businesses from CarDekho parent Girnar Software, ending weeks of speculation around what would have been one of the biggest consolidation moves in India’s digital auto marketplace sector.

CarTrade said that the parties “mutually decided not to proceed with the proposed transaction at this stage”, without offering any reason for it. 

The company instead emphasised its focus on scaling its existing portfolio – CarWale, BikeWale, OLX India and Shriram Automall, which it said continue to operate in a large and expanding TAM with strong fundamentals.

Earlier, it was reported that CarTrade was looking to acquire CarDekho in a deal valued at over $1.2 Bn. 

CarTrade, which has made six acquisitions over the past decade, was looking to deepen its presence in the new-car ecosystem through this deal. 

While shares of CarTrade fell after the company said it ended the discussion with CarDekho for the acquisition, they recovered to end the week 2.7% higher at INR 3,087.05.