new Delhi Thursday’s stock market crash shook some of India’s most high-profile startups that recently went public, revamping the valuation hierarchy with relatively smaller and smaller unlisted companies, comparable to erstwhile startup stars. were more valuable.
Razorpay Software Pvt. Ltd., for example, became India’s most valuable fintech company as shares of Paytm parent One97 Communications Ltd hit a new low. 771. Paytm Valuation Dropped to $6.67 Billion ( 50,000 crore), less than Razorpay’s $7.5 billion.
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Razorpay, a digital payments and financial services provider, joined the unicorn club in October 2020 and then saw its valuation rise sharply to $7.5 billion in a subsequent round in December 2021. A month before this, Paytm had sold shares in one. 18,300 crore IPO 2,150 each, commands a valuation of about $20 billion.
Paytm is not the only new-age stock that is bearing the brunt of the market slump.
Six of the eight new-age technology firms listed on Indian stock markets in 2021 hit new lows on Thursday, losing an average of nearly 53% of their market capitalization.
Barring EasyMyTrip, which lost close to a third of its value from its 52-week high, the other seven companies saw their shares fall at least 49% from their respective peaks.
The worst performers were automobile classifieds website CarTrade and digital payments platform Paytm.
CarTrade plunges over 70% from its 52-week high 1,610. stock – sold on 1,585-ended trade in IPO 470 on Thursday.
Paytm, which launched its biggest ever IPO in India, lost over 64% of its investors’ money from the IPO price. 2,150. Its shares are now down more than 60% from their 52-week high 1,961. Other firms that have lost more than 50% of their shareholders’ value are FINO Payment, PolicyBazaar’s parent company PB Fintech and food delivery company Zomato.
Zomato sold shares at the IPO price of 76, and its valuation exceeded $15 billion at a 52-week high share price 169.1. it ended business on 78.5 on Thursday. PB Fintech falls from its 52-week high from 1,470 652 on Thursday.
Relatively outperforming stocks such as e-commerce platform Nykaa, gaming firm Nazara Technologies and hospitality startup Easemytrip were also under pressure on Thursday.
Nykaa shareholders see their investments fall 49% from their all-time high 2,574. Nazara Tech, which saw its stock triple More than 1,100 per share at the time of IPO 3,350, saw its shares fall 1,680 on Thursday.
EaseMyTrip has been the best performer among the new-age tech stocks listed in 2021. It sold shares at the IPO price. 187, and reached a higher level The 717 last year, but has since lost a third of its value.
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