It was a week to forget for all new-age tech stocks in India, with just Honasa surviving the broad market-wide slowdown that hit smallcap stocks the hardest.

Overall, the small and midcap market has declined 18.4% from peak levels and is close to the 20% drop mark, which would put these stocks in a bear market. In fact, between February 10 and February 14, the Indian broader market saw its worst fall since the Covid-hit week of March 20 in 2020.

Within the tech stocks ecosystem, the downturn was fuelled by slowing earnings growth for many of the marquee stocks, lingering concerns over stretched valuations for newly-listed companies, as well concerns over US-India trade relations, where the sword of tariffs is dangling over investors.

Among Indian new-age tech companies, fintech stocks Fino and Veefin were the worst hit. Incidentally, this past week, Veefin announced picking up a controlling stake of 49% in digital marketing agency White Rivers Media for INR 166.6 Cr.

SaaS companies Zaggle, Unicommerce and TAC Security were among the other top losers this week among Indian new-age tech stocks, shedding more than 20% in the bloodbath.

Honasa was the only listed company to show a gain on a week-on-week basis, despite lukewarm financial performance in Q3.

It’s no wonder then that a lot of the foreign portfolio investors have turned their focus to the US market, where there is renewed breadth after Donald Trump took over as the President. In India, the relentless foreign investor selling was not aided by the fact that marquee stocks such as Swiggy, Ola Electric, Firstcry, Unicommerce, among others, hit their expiry windows for the post-IPO lock-in periods.

According to data compiled by Nuvama Alternative & Quantitative Research, this is India’s........

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