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Bloodbath In New-Age Tech Stocks As Broader Market Slumps; IndiaMART The Only Gainer This Week

Inc42 · 1y

Indian new-age tech stocks faced a major correction this week, with 18 out of 19 stocks experiencing declines. Yudiz Solutions was the biggest loser, falling 32.8%, followed by Fino Payments Bank and DroneAcharya Aerial Innovations. Paytm's shares continued to be volatile as it faced selling pressure due to developments following the Reserve Bank of India's crackdown on Paytm Payments Bank. Nazara Technologies announced plans to allocate $100 million for mergers and acquisitions, while DroneAcharya secured contracts with the Adani Group, Earthtree Enviro Pvt. Ltd., and the Indian Army.