Shares of new-age listed firms continue downhill journey

Shares of the new age firms such as Zomato, PolicyBazaar and Nykaa continued with a downfall on Tuesday even as the broader market managed to regain some of its sharp losses from the previous session on Monday.

These stocks are treading downhill as analysts feel these companies have low valuations.

After hitting the 20 per cent lower circuit intraday on Monday, Zomato further fell 10 per cent on Tuesday and settled at Rs 100.45.

With the recent downtrend, Zomato's market capitalisation slipped well below Rs 1 lakh crore, data showed. At Tuesday's closing, it was worth Rs 79,068 crore.

PB Fintech-backed PolicyBazaar's shares, however, fell just 0.8 per cent and settled at Rs 771.25. On Monday, they fell over 10 per cent.

FSN-E Commerce Ventures-backed Nykaa fell nearly four per cent intraday on Tuesday and settled at Rs 1,745. It Monday, it fell 12.7 per cent.

All the three new age companies made their debut on the exchanges in 2021. - IANS