Indian Tech Stocks Dip Amid Q4 Earnings, Lock-in Expiries

New-age technology stocks in India faced a challenging week, with a majority of listed companies experiencing declines. Out of 57 new-age tech stocks under coverage, 46 saw their values drop between 0.2% and over 22%.

The downturn was partly attributed to the expiry of IPO lock-in periods for several companies. Fintech firm Pine Labs was the most prominent loser, with its shares plummeting 22.15% after its lock-in expired on Wednesday. Groww also saw its shares fall by 8.15% following its own lock-in expiry.

Other companies that experienced losses included Zaggle, Awfis, Urban Company, and MobiKwik. Swiggy and Wakefit also touched fresh lows during the week.

Conversely, a handful of companies reached new highs. Aye Finance, Fractal, Honasa Consumer, ideaForge, Ather Energy, and Shadowfax were among the six stocks that ended the week with gains, with 11 companies in total seeing their share prices rise between 0.39% and over 14%.

Veefin Solutions, listed on the BSE SME, emerged as the top gainer, with its shares surging 14.28% to ₹355.4. This rise followed the company’s Q4 results, which showed a 106.5% year-on-year increase in net profit to ₹16 Cr and a 27% rise in operating revenue to ₹131.3 Cr.

Key financial developments from other companies included:

Groww investors, including Peak XV Partners, Ribbit Capital, and Y Combinator, sold shares worth ₹5,326 Cr after their lock-in expired.
Pine Labs announced a partnership with GCash for Business in the Philippines to integrate payment plan offers and loyalty features.
EaseMyTrip’s board approved a plan to raise ₹500 Cr via a rights issue to enhance its tech platform and explore acquisitions.
Swiggy is seeking shareholder approval to amend its articles of association and restructure its board nomination framework to become an Indian-owned and controlled company.
Honasa Consumer won an arbitration ruling against a Dubai-based distributor, RSMM General Trading LLC, securing AED 7.25 Mn (approximately ₹18.9 Cr).
Amagi received an income tax assessment order proposing a transfer pricing adjustment of ₹17.9 Cr for AY24, which the company plans to challenge.
Ola Electric’s board cleared a ₹2,000 Cr investment into its cell and vehicle manufacturing arms, Ola Cell Technologies and Ola Electric Technologies.
Awfis Space Solutions reported that GST authorities dropped tax demands totaling approximately ₹7.6 Cr for FY20 to FY25.

The broader Indian market also experienced pressure, with the Sensex dipping 2.7% and the Nifty 50 falling 2.2%. This decline was influenced by geopolitical tensions in West Asia, a weakening rupee, and rising inflation concerns. Wholesale inflation in India surged to 8.30% in April 2026, driven by increases in fuel, manufacturing, and food prices.

In the gaming sector, Nazara Technologies saw its shares rise by 11.87% to ₹300.1. The company reported a significant increase in Q4 FY26 profit to ₹55.7 Cr, although operating revenue declined by 24% due to the deconsolidation of NODWIN Gaming. Significant block deals occurred, with Zerodha purchasing over 35 Lakh shares for ₹93.05 Cr, and promoter Axana Estates buying shares worth ₹392.9 Cr from Mitter Infotech LLP.

Fintech SaaS company Zaggle’s shares fell 18.26% to ₹210.6. Despite reporting a 30% year-on-year increase in net profit to ₹40.6 Cr and a 50% rise in operating revenue to ₹617.9 Cr for the quarter, investors reacted negatively to margin pressure and concerns over cash flow, exacerbated by the acquisition of Dice Enterprises.