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Ground Report | New Delhi: Nyka PayTM shares; Shares of listed start-ups and new-era tech companies came under huge selling pressure due to higher valuations and a negative outcome, which rattled sentiment. Most of them, including Zomato, Nykaa, and PolicyBazaar, are trading well below their listing price, and much of the dent has occurred in the last three weeks.
Nyka PayTM shares
On January 24, one of the biggest losers in this basket was Zomato, which fell 18%. Analysts like Abhay Agarwal, founder and fund manager at Piper Serica, believe that this market drop is mainly due to the market correction in the Nasdaq over the past month.
The food aggregator's market capitalization fell to ₹74,109 crores (nearly $10 billion) from a peak valuation of $15 billion on November 12.
The stock hit a lifetime low of 952 rupees, down about 4% from Thursday's close and 56% from its IPO price of 2,150 rupees. The company's market capitalization also fell to a low of Rs 62,000 crore.
Paytm is now closing in on its lowest target price of Rs 900, set by Macquarie analysts, who were also the first to correctly predict its initial drop.
Zomato NSE -18.35% fell 19% to Rs 91.70 in early trading on Monday. The counter had lost about 30% of its value last week. The food delivery platform is trading below its listing price and the company's market capitalization has slipped below Rs 80,000 crore.
Nykaa NSE -11.62%, fell 9% to Rs 1817.7. The certificate plunged 30% from its highest price in November 2021.
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