Not only Paytm, 18 D-St stocks that have tumbled 40-65%
By Team Newsable | First Published Mar 16, 2022, 6:49 PM ISTPaytm stock is not an exception as 17 others have been wiping off investor money in the latest phase of correction on D-Street.
Recently listed One97 Communications, the parent company of Paytm has been in the public eye for eroding investor wealth. When practically everything is being sold off there’s almost nowhere to hide for investors, even those following one of the most conservative approaches out there.
However, Paytm stock is not an exception as 17 others have been wiping off investor money in the latest phase of correction on D-Street.
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Out of 60 stocks on the BSE IPO Index, 18 stocks have dropped between 40 per cent and 65 per cent from their highs since listing. About half of the stocks in the index have wiped out one third of the investors’ wealth, the data from Ace Equity shows in ET report.
Market experts said that the rout in global tech stocks, aggressive pricing, pure offer for sale issues, rich valuations, FII outflows, inflationary concerns and uncertainty due to the Russia-Ukraine war are adding pressure on the latest debutants.
Also read: After Paytm fiasco, SEBI tightens IPO valuation scrutiny for startups eyeing listings
The report also stated that market experts have said the rout in global tech stocks, aggressive pricing, pure offer for sale issues, rich valuations, FII outflows, inflationary concerns and uncertainty due to the Russia-Ukraine war are adding pressure on the latest debutantes who have rolled out IPO and got listed.
CarTrade Tech tops the losers’ list with a 66 per cent fall. The scrip, listed in August 2021, has dropped to Rs 547.6 on March 14, 2022 compared to its highest price of Rs 1,610.
It is accompanied by One97 Communications, which also has tanked 66 per cent to Rs 675.35 from Rs 1961.05. The company was listed in November 2021.
As per ET, startups including Zomato and PB Fintech have eroded more than half of investors' wealth from their recent peak. Fino Payments Bank and Krsnaa Diagnostics have also plunged more than 50%.
Also read: RBI stops Paytm Payments Bank from onboarding new customers
Also, Suryoday Small Finance Bank has eroded 62% of the investors wealth in the last 1 year since listing, as per ET. The stock has fallen to Rs 112.55 yesterday (15th March 2022), from Rs 277.8.on March 26th 2021, signaling a nearly 60% fall.
Paras Defence And Space Technologies, Nazara Technologies, Windlas Biotech, FSN E-Commerce Ventures (Nykaa) and Railtel Corporation of India have slipped between 45-50 per cent from their post listing peaks.
RateGain Travel Technologies, Latent View Analytics, AGS Transact Technologies, Glenmark Life Sciences, Hindustan Media Ventures and Tega Industries are other players to fall more than 40 per cent.
Other companies including Vijaya Diagnostics, AMI Organics, GR Infraprojects, Barbeque-Nation, Go Fashion, SJS Enterprises, Exxaro Tiles, Dodla Dairy and Laxmi Organics have wiped out one third of investors wealth from their peaks.
Also read: Investors’ wealth jumps by over Rs 5.4 lakh crore; Sensex stock trades higher
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