Zomato, Paytm, Nykaa, Delhivery, among other new-age tech stocks plunged up to 10% on Tuesday amid overall stock market meltdown. Dalal Street witnessed a bloodbath as the Sensex and Nifty 50 crashed 8% each after the trends in election results 2024 indicates a slim majority for the ruling NDA, falling short of exit poll predictions.
Paytm share price was at 5% lower circuit, Zomato shares cracked 16%, Honasa Consumer shares tanked 17%, while Delhivery and Nykaa stock price plummeted over 8% each and PB Fintech shares dropped over 6%.
The fall in new-age tech stocks was in-line with the broader market selloff. The overall market capitalisation (mcap) of BSE-listed companies plummeted by nearly ₹40 lakh crore to ₹388 lakh crore.
Indian markets witnessed a sharp selloff on Tuesday, June 4, erasing all of Monday’s gains as early trends indicated that the Lok Sabha election results could be tighter than exit polls had predicted.
This unexpected trends in election results 2024 caused panic among investors, with both the frontline indices, Sensex and Nifty 50, witnessing their biggest single-day fall in more than two years. Sensex and Nifty 50 dipped 8% each.
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Published: 04 Jun 2024, 01:05 PM IST
