New-Age Tech Stocks: Insurtech Sell-Off Drags Combined M-Cap Down By $3.6 Bn This Week
India, Sept. 26 -- New-age tech stocks saw a bearish week, with a sharp sell-off in PB Fintech and Turtlemint following IRDAI's proposed commission caps overshadowing gains in Capillary Technologies and Zelio E-Mobility.
Turtlemint plunged 34.97%, while Policybazaar parent PB Fintech lost 33.02% during the week. The declines came as investors assessed the potential impact of lower insurance commissions on the companies' revenue and profitability.
SaaS company Capillary Technologies led the gainers, rising 24.59% to Rs.603.15. Zelio E-Mobility followed with a 23.96% jump to Rs.1,056.90.
Zelio, ESDS, Shadowfax, Nazara, and BlueStone touched fresh 52-week highs during the week. Meanwhile, Shiprocket, IndiaMART, Menhood, Turtlemint, and PB...
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