FirstCry, MobiKwik, Ixigo Suffer Major Losses as New-Age Stocks Decline Amid Selling Pressure
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Synopsis
In January, numerous new-age stocks like FirstCry and MobiKwik faced significant declines, with losses over 20%. The market correction is attributed to global uncertainties and high valuations, impacting several companies. The Sensex and Nifty also saw notable drops during this period.
Key Takeaways
- FirstCry's stock fell by 24.82%.
- MobiKwik's shares decreased by 23.07%.
- Overall market correction impacted several new-age stocks.
- Sensex and Nifty both experienced declines.
- Global instability influenced market performance.
Mumbai, Jan 17 (NationPress) Numerous new-age stocks have experienced significant selling pressure in the early days of January, as the stock market undergoes a correction amidst global uncertainties.
This includes shares of innovative companies such as FirstCry and MobiKwik, both of which have dropped over 20 percent.
The stock for FirstCry, a platform focused on mother and childcare e-commerce, has decreased by 24.82 percent since the start of this year, currently trading at Rs 489.
MobiKwik, a prominent player in the fintech sector, saw its share price decline by 23.07 percent to Rs 456. The company went public in December 2024, initially witnessing a substantial rally but now trading at Rs 698.30 per share.
Shares of PB Fintech, which specializes in insurance distribution, have fallen by 18.71 percent from January 1 to January 17, now priced at Rs 1724.
Le Travenues Technology Ltd, the parent company of the online travel aggregator Ixigo, reported a 20.63 percent drop in its stock, currently valued at Rs 142 this month.
The stock values of food delivery and quick commerce services, Zomato and Swiggy, have also seen declines of 10.38 percent and 12.75 percent, bringing their prices to Rs 247 and Rs 473 respectively.
Additionally, the share price of Go Digit General Insurance, a new-age insurance firm, has decreased by 11.76 percent to Rs 288 since January began.
Furthermore, Paytm, a leading fintech company, has also seen a drop of over 9 percent since the start of January, with its current trading price at Rs 897 per share.
Overall, the market has experienced a downturn since January commenced, with the Sensex dropping 2.42 percent and the Nifty decreasing by 2.30 percent.
Market analysts attribute this decline to global instability stemming from tariff threats by US President-elect Donald Trump, high valuations within the Indian stock market, and anticipated weak financial results for the third quarter of FY 2024-25.
