New-age tech stocks experienced a mixed week amid broader market turmoil driven by geopolitical tensions, with 31 out of 57 stocks falling and 26 gaining, according to inc42.com. PB Fintech and Meesho were the biggest losers, with PB Fintech dropping 9.86% to ₹1,534.6 and Meesho falling 9.74% to ₹165.85 after nine consecutive sessions of decline.
Investor sentiment turned bearish on PB Fintech following chairman Yashish Dahiya's concerns over potential caps on distributor commissions by IRDAI, as reported in an interview with ET. Meesho's stock decline was attributed to the upcoming six-month lock-in expiry for shares on June 9, which brokerage firm Choice Institutional Equities said was exerting downward pressure. Other stocks like Wakefit, Zappfresh, Swiggy, and Go Digit also hit fresh lows after weeks of pressure.
On the positive side, BlueStone emerged as the biggest gainer this week, buoyed by investor interest after the company issued bullish projections. CarTrade was the second biggest gainer, rising 12.84% to ₹1,960.45 after Kotak Institutional Equities upgraded its rating from 'SELL' to 'BUY' and raised its price target, reflecting renewed confidence in the stock's prospects.
The market dynamics this week highlight the varied investor responses to regulatory concerns and company outlooks, with the six-month lock-in expiry on June 9 playing a notable role in share price movements. The next key date for investors will be June 9, when the lock-in period for certain shares expires, potentially influencing further trading activity.