Bear market plunges Fino Payments Bank amidst tech stock declines.
Fino Payments Bank emerged as the biggest loser in a week where Indian equities felt renewed selling pressure amid ongoing geopolitical tensions in West Asia. According to Inc42, among 55 new-age tech stocks, 41 experienced declines ranging from 0.2% to nearly 16%.
Fino Payments Bank’s stock price tanked 15.81% to close at ₹127, influenced by the arrest of its MD and CEO, Rishi Gupta, in connection with a GST evasion case. Other companies experiencing losses included BlueStone, EaseMyTrip, Yatra, ideaForge, Paytm, Lenskart, Fractal, and Shadowfax.
Conversely, Macobs Technologies, the parent company of D2C brand Menhood, listed on NSE Emerge, saw the largest gain, increasing by 5.19% to close the week at ₹212. Other gainers included Eternal, ixigo, CarTrade, and Nazara Technologies.
The overall market capitalization of the 55 new-age tech companies decreased to $116.31 billion from $119.46 billion the previous week. Several companies, including Nazara, Swiggy, Amagi, MapmyIndia, Unicommerce, Veefin, IndiQube, DevX, Tracxn, Wakefit, and Fino Payments Bank, touched fresh lows during the week.
Additional developments included the CCI’s clearance of State Street Global Advisors’ ₹580 crore investment in Groww AMC for a 23% stake and Aye Finance founder Sanjay Sharma’s purchase of 1 lakh equity shares of the company via open market transactions.
The Indian equities market concluded the week lower, influenced by the conflict in West Asia. The Sensex declined by 1.33% to close at 73,583.22, while the Nifty 50 fell by 1.28% to close at 22,819.60.
Shares of Fino remained under pressure following developments related to the GST investigation involving CEO Rishi Gupta. The Telangana High Court initially dismissed Gupta’s writ petition seeking bail, but a special court in Hyderabad later granted him bail. The payments bank has deferred seeking shareholders’ approval for Gupta’s reappointment as MD and CEO for a three-year term.
In the food tech sector, Swiggy increased its platform fee by approximately 17% to ₹17.58 per order, shortly after Zomato raised its platform fee to ₹14.90 per order.
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