Indian Tech Stock Performance Mixed as RentoMojo Lists
India's new-age tech stock market showed divided sentiment this week, with RentoMojo successfully listing while Zappfresh shares hit a record low.
Investor sentiment towards India's new-age tech stocks remained mixed this week, with gains and losses spread across the tracked companies. Despite pressure on the broader Indian equity market, 30 out of 64 tracked stocks saw gains, while 34 declined. Zappfresh emerged as the week's biggest loser, falling 13.43% to a record low amid concerns over IPO proceeds, according to a CARE Ratings report.
ESDS and Shiprocket also experienced significant drops, though they continue to trade above their listing prices. Several other companies, including Go Digit and IndiaMART, touched fresh 52-week lows. In contrast, SEDEMAC, Kissht, and Lenskart reached new highs.
RentoMojo became the 65th company in Inc42's new-age tech stock universe following its debut on Thursday. The company listed at a premium of nearly 19% and finished the week 6.9% higher than its listing price. With RentoMojo's addition, the combined market capitalization of these tech stocks reached $170.2 billion.
Notable corporate developments included Lenskart increasing its stake in XR startup AjnaLens and CarDekho CEO Amit Jain joining BlueStone's board. Fintech firm PB Fintech also confirmed its CEO's continued role and approved subsidiary transactions. The week also saw Aye Finance appointing a new CTO.
The broader Indian equity market extended its losing streak to six weeks, with the Nifty 50 index falling 0.22%. Persistent foreign investor selling and high crude oil prices weighed on sentiment. However, mid-cap and small-cap indices showed resilience, ending the week higher.