Indian New-Age Tech Stocks Show Mixed Performance; Ather Energy Rallies, Shiprocket Falls
Indian new-age tech stocks experienced a volatile week on the stock market, with Ather Energy seeing a significant rally and Shiprocket facing a decline.
India's new-age technology sector saw a mixed week on the stock market, despite an expanding pipeline of initial public offerings (IPOs). The combined market capitalization of these companies remained largely unchanged.
Ather Energy, along with several other tech firms, reached new 52-week highs during the week. Conversely, Shiprocket's stock fell by nearly 9%. In total, 62 companies under coverage were valued at $166.91 billion at the week's close.
The week also featured notable corporate activities. Several institutional investors reduced or exited their holdings in listed tech companies. Urban Company filed a lawsuit against Kent RO Systems, and Honasa Consumer called off an acquisition.
Ola Electric received further incentives under a production-linked scheme. Fractal expanded its business in India by establishing a new unit. Stock performance varied, with 36 companies declining and 26 gaining.