Stock selloff in recently listed tech cos intensifies - Times of India

Stock selloff in recently listed tech cos intensifies – Times of India


MUMBAI: The stock prices of several newly listed, techenabled companies recorded new lifetime low levels or closed near that mark as the leading indices crashed after Russia invaded Ukraine on Thursday. Market players said that with a large number of first-time investors investing in these companies during the IPO which came in a bull market, not many have the experience to negotiate choppy and weak markets, and hence the rush to exit.
Among the high-profile stocks that were listed in 2021, Zomato lost 6. 8% to Rs 78 on the BSE. Zomato was listed on July 23 last year after a hugely successful IPO in which the stock was offered at Rs 76.
From an all-time high at Rs 169, the stock is now down more than 50%.
FSN E-commerce Ventures, which listed under its brand name Nykaa, too witnessed heavy selling pressure and closed 5% lower at Rs 1,304, with the day’s low at Rs 1,285. With the all-time high at Rs 2,574, the stock is now down almost 50% from the top. The stock is just about 16% above its IPO pri- ce of Rs 1,125.
Paytm, which closed the biggest IPO ever in India’s history in mid-November, has lost nearly two-third of its value from the IPO price of Rs 2,150 and on Thursday closed at Rs 778.
Data on the BSE showed that of the 64 companies that got listed in 2021, as many as 30, that is nearly half the total listings are in the red compared to their offer price.


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