The Tech Portal
  • Apps
  • Business
  • Culture & Policy
  • Futurism
  • Gadgets
    • How to
  • Internet
  • Startups
  • Venture Capital
  • ||
  • Advertise
The Tech Portal
  • Apps
  • Business
  • Culture & Policy
  • Futurism
  • Gadgets
    • How to
  • Internet
  • Startups
  • Venture Capital
  • ||
  • Advertise
  • Business
  • News

Shares of Zomato, Paytm & others tumble amid intense global sell-off in tech stocks

BSEINDIA, CC BY-SA 3.0, via Wikimedia Commons
Up next
Amid scooter glitches and production delays, Ola Electric gets another $200Mn in latest fundraise
  • 24 shares
    24
    0
    0
    0
    0
    0
    0
Published on 24 January 2022, 13:02 Asia/Kolkata
Author
Soumyadeep Sarkar
Tags
  • featured,
  • indian stocks,
  • nykaa share price,
  • nykaa stocks,
  • paytm share price,
  • paytm stocks,
  • policybazaar stocks,
  • Stocks,
  • zomato share price,
  • zomato stocks

You may remember that a number of prominent Indian tech companies had opted to go public via IPOs last year. Some of the more prominent names to have gone public last year are food delivery giant Zoamto, which had a spectacular IPO last July, and fashion e-commerce startup Nykaa (which made its debut in November). PolicyBazaar and Paytm are some other names that went public last year as well.

While their IPOs gave handsome returns to their investors on their listing (apart from Paytm’s, which was rather disappointing), their shares are now tumbling. In fact, Zomato’s shares dropped by 18% on the Bombay Stock Exchange to ₹92 apiece. This is its lowest since its IPO. However, it is still up by more than 30% from its IPO issue price of ₹76.

Coming to Paytm, its shares dropped by 4% to ₹924 apiece during early trade. Zomato lost about 30% of its value (since its IPO) last week and saw its market cap drop below ₹80,000 crores. Similarly, Paytm lost double of that (almost 60% of its value) when compared to its issue price – ₹2,150. Paytm’s stock has anyways been under pressure amid continued mark-downs, no long term signs of making profits and continued sense of business model distraction within the company.

Stocks of other new-age firms fared no better and continued to tumble as the sell-off in the global stock markets continue to intensify. Nykaa’s shares tumbled by 11% to ₹1776.50, and the company lost 30% of its value from its record high of ₹2,574 (back in November). PolicyBazaar parent PB Fintech saw its shares drop by nearly 5% to ₹825.70. The company lost 45% of its value from peak levels.

Things do not seem to be changing anytime soon as the sell-off in the global markets continues and valuations continue to rise. The technology-focussed NASDAQ index closed 15% below its peak levels last week, and this has resulted in panic among technology investors around the world. Add to that the speculation of higher interest rates in the US, and you get an idea as to why the panic is gaining traction.

As mostly non-profitable tech stocks are being sold off, this is affecting the stocks of startups such as Zomato and Paytm. Both of them, along with Nykaa and PB Fintech, have hit their new lows on Monday. Other listed stocks such as RateGain Travel Technologies, Latent View Analytics, Sona Comstar, MapMyIndia, Sapphire Foods India, Rolex Rings, GR Infraprojects, and Metro Brands have dropped by 5-9% each as well.

3
0
0
#ICYMI
  • Twitter Blue goes live in India, Brazil and Indonesia
    • February 9, 2023
    • Global Staff @ The Tech Portal
    • 1 minute read
  • Microsoft gains an “Edge” in search engine race with AI, ChatGPT-like capabilities
    • February 8, 2023
    • Soumyadeep Sarkar
    • 3 minute read
  • OnePlus 11 5G comes with Snapdragon 8 Gen 2 SoC, available for pre-orders, starts at $699
    • February 7, 2023
    • Soumyadeep Sarkar
    • 2 minute read
  • WhatsApp brings voice messages, reactions and more to Status
    • February 7, 2023
    • Soumyadeep Sarkar
    • 3 minute read
  • ChatGPT’s success pushes Google to introduce Bard, its own AI chatbot
    • February 7, 2023
    • Soumyadeep Sarkar
    • 3 minute read
Our Hindi Tech Feed
Microsoft बंद करने जा रहा है वीडियो-कॉन्फ्रेंसिंग ऐप Teams का फ्री वर्जन
8 February 2023
Microsoft बंद करने जा रहा है वीडियो-कॉन्फ्रेंसिंग ऐप Teams का फ्री वर्जन
OnePlus 11R 5G भारत में हुआ लॉन्च, Snapdragon 8+ Gen 1 प्रॉसेसर से है लैस
8 February 2023
OnePlus 11R 5G भारत में हुआ लॉन्च, Snapdragon 8+ Gen 1 प्रॉसेसर से है लैस
KreditBee, Ola के Avail Finance जैसी लोन ऐप्स के नाम भी सरकार की बैन लिस्ट में शामिल: रिपोर्ट
7 February 2023
KreditBee, Ola के Avail Finance जैसी लोन ऐप्स के नाम भी सरकार की बैन लिस्ट में शामिल: रिपोर्ट
Google ने पेश किया ‘Bard’ एआई चैटबॉट, ChatGPT को देगा सीधी टक्कर
7 February 2023
Google ने पेश किया ‘Bard’ एआई चैटबॉट, ChatGPT को देगा सीधी टक्कर
टू-व्हीलर मार्केटप्लेस, Bike Bazaar ने हासिल किया लगभग ₹82 करोड़ का निवेश
6 February 2023
टू-व्हीलर मार्केटप्लेस, Bike Bazaar ने हासिल किया लगभग ₹82 करोड़ का निवेश
  • Internet
  • News

Twitter Blue goes live in India, Brazil and Indonesia

Twitter is continuing to gradually expand the roll out of its paid…
  • Global Staff @ The Tech Portal
  • February 9, 2023
  • 1 minute read
  • Internet
  • News

Microsoft gains an “Edge” in search engine race with AI, ChatGPT-like capabilities

When it comes to search engines, Google continues to capture the lion’s…
  • Soumyadeep Sarkar
  • February 8, 2023
  • 3 minute read
  • Gadgetry
  • News

OnePlus 11 5G comes with Snapdragon 8 Gen 2 SoC, available for pre-orders, starts at $699

Tuesday promised the launch of an impressive range of OnePlus products, and…
  • Soumyadeep Sarkar
  • February 7, 2023
  • 2 minute read
  • Apps
  • Internet
  • News

WhatsApp brings voice messages, reactions and more to Status

WhatsApp is showering its Status updates with love, with a slw of…
  • Soumyadeep Sarkar
  • February 7, 2023
  • 3 minute read
   
  • Privacy Policy
  • EDITORIAL CONTACT
  • Advertise With Us
  • Hindi Edition (हिंदी में पढ़े)
  • CARTHRUST
  • SPRINGTIDE
©Copyright 2014-2023 Blue Box Media Private Limited (India). All rights reserved.
The Tech Portal is a registered trademark of Blue Box Media Private Limited