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New-Age Tech Stocks Slump In Line With The Broader Market, CarTrade Biggest Gainer This Week

Inc42 · 1y

Indian new-age tech stocks experienced a downturn this week due to concerns about the outcome of the 2024 general elections. Out of the 20 new-age tech stocks, 17 fell between 0.8% and 9% on the BSE, with MapmyIndia experiencing the largest drop. However, CarTrade saw a surge in shares by 24.5% following strong quarterly results. The broader market also slumped, with benchmark indices Sensex and Nifty50 dropping 1.64% and 1.87%, respectively. The market is expected to continue its volatility in the short term due to election-related uncertainties.