New-age tech stocks remained under pressure this week, with 47 stocks declining as benchmark indices recorded their eighth consecutive weekly fall.
Moneyview’s market debut this week took the number of new-age tech companies under Inc42’s coverage to 66. Despite the addition, their combined market capitalisation fell to $153.61 Bn from the $166.6 Bn commanded by 65 companies last week.
Shares of Moneyview made their debut on Thursday (October 1) at ₹55.6 on the BSE, nearly 64% above the issue price of ₹34. The stock closed at ₹54.03, down 2.8% from the listing price but 58.9% above its issue price.
Of the 65 stocks under Inc42’s coverage at the end of last week, 47 fell between 0.08% and 20.1% this week. Eighteen stocks gained between 0.17% and 22.55%.
Turtlemint led the losers, falling 20.1% to ₹69.75, while PB Fintech declined 15.66% to ₹983 following IRDAI’s proposed changes to insurance commissions.
ESDS was the second-biggest loser, falling 18.54% to ₹1,431.70 after announcing its Q1 FY27 results on September 24. However, it remained more than 91% above its listing price.
Swiggy, Fractal, Menhood, and IndiaMART touched fresh lows during the week. Eternal, Lenskart, Ather Energy, Paytm, and Nykaa also declined this week.
SME-listed Zappfresh led the gainers, rising 22.55% to ₹60.49 after hitting an all-time low of ₹47.10 on September 25. RentoMojo, Meesho, BlackBuck, and Go Digit also gained, while Aequs, Kissht, Nazara, SEDEMAC, and Zelio touched fresh highs.
The stock markets were closed yesterday on account of Gandhi Jayanti.
Beyond stock movements, the week saw GST notices, stake sales, and expansion plans across listed new-age tech companies. Here’s a closer look at the key developments.
GST Notices Put Companies In Focus
Kissht’s NBFC arm, Si Creva, received a GST show cause notice involving ₹44.06 Cr over alleged input tax credit discrepancies and tax shortfalls for FY23. This comprises ₹22.03 Cr in tax, ₹19.83 Cr in interest, and ₹2.2 Cr in penalties. The company said it would contest the notice.
WeWork India received a ₹11.01 Cr show cause notice over alleged excess input tax credit utilisation arising from differences between its annual returns and audited books. Urban Company faced a ₹3.05 Cr demand over alleged incorrect input tax credit claims and tax shortfalls for FY23.
ideaForge received a ₹109.17 Cr GST demand and penalty for allegedly paying 5% instead of 18% on drone sales between January 2022 and March 2024. It plans to appeal, citing a 2025 government clarification that drones attract 5% GST, and expects no immediate material financial or operational impact.
Stake Sales And Purchases
TPG, through NewQuest Asia Fund IV (Singapore), sold 40 Lakh Shadowfax shares at ₹284.03 apiece for ₹113.6 Cr, following its ₹202 Cr exit from FirstCry on September 25.
SBI Mutual Fund bought 1.18 Cr Swiggy shares for an estimated ₹300.6 Cr, raising its holding from 4.7% to 5.12%.
MobiKwik cofounder and CFO Upasana Taku bought 1.07 Lakh shares for ₹2.1 Cr in two September transactions, increasing her stake from 10.11% to 10.24%.
RateGain Names New CFO
RateGain appointed former Optum India executive Chetan Garg as CFO, effective Monday (September 28). Garg, who also held senior finance roles at Whirlpool, will oversee global finance operations, capital allocation, and risk management.
SEDEMAC Reports Record Unit Sales
SEDEMAC’s quarterly sales of control-intensive electronic control units (ECUs) rose 37.5% to a record 14.53 Lakh units in Q2 FY27 from 10.56 Lakh units in Q2 FY26.
Trailing 12-month sales rose 44.2% YoY to a record 45.97 Lakh units. Cumulative sales of its sensorless ISG+EFI ECUs crossed 1 Mn units in September, 23 months after launch.
AceVector Heads For Listing
Snapdeal parent AceVector will list on Monday (October 5), after its ₹420 Cr IPO was subscribed 4.93X.
Several OFS participants booked losses. SoftBank’s sale fetched substantially less than the acquisition cost of its shares sold, while returns varied across Nexus Venture Partners’ investment vehicles.
BlackBuck, LEAP India Back Subsidiaries
BlackBuck invested ₹22 Cr in wholly owned subsidiary TZF Logistics Solutions, subscribing to 34.08 Lakh shares at ₹64.55 apiece. The rights issue will support expansion, working capital, and compliance with RBI requirements for its prepaid payment instrument licence.
Separately, LEAP India incorporated packaging manufacturer Vimprotech after its board approved two wholly owned subsidiaries on Tuesday (September 29).
Vimprotech will receive an initial ₹4.03 Cr investment. The second proposed subsidiary, Total International Packaging Solutions, will provide returnable packaging pooling services to automotive and manufacturing businesses, with an initial ₹1.65 Cr investment.
Now, let’s take a look at the broader market trends this week.
Benchmarks Extend Losing Streak
The aforementioned developments unfolded against a weak market backdrop, with rising US bond yields, foreign investor selling, and crude oil concerns weighing on sentiment.
The Sensex fell 2.69% to 71,909.70, while the Nifty 50 declined 3.11% to 22,421.95. Midcap and smallcap indices also declined around 3.5% each.
Despite the fall in indices, domestic fundamentals remained resilient, with industrial production growth accelerating to 8% YoY in August.
Domestic triggers ahead include the RBI’s policy decision, September services and composite PMI readings, and Q2 FY27 earnings, starting with TCS and DMart.
Religare Broking’s SVP of research Ajit Mishra expects caution to persist, with bond yields, crude prices, geopolitical developments, and RBI policy providing direction.
Against this backdrop, here’s a closer look at Aequs’ rally and Turtlemint’s continued decline.
Aequs Rallies On Fundraise Plan
Aequs gained 11.66% to ₹274.90, taking its gains over the listing price to 96.36% and market capitalisation to $1.92 Bn.
Its board approved a ₹650 Cr preferential warrant issue to promoter-group entity Mellwood Trustee Services on September 25. Priced at ₹231.55 apiece, the warrants require ₹325 Cr upfront payment and the balance upon conversion.
Proceeds will support aerospace and consumer capacity expansion, including the Hosur facility, subsidiaries, and joint ventures. The infusion is also expected to support ₹800 Cr in additional term borrowing.
Aequs expects 25-30% aerospace revenue growth in FY27. Motilal Oswal said its aerospace order book of over $1 Bn supports potential revenue CAGR of 25-30% over five years.
The stock hit a fresh intraday high of ₹286.05 on Wednesday (September 30).
Turtlemint Falls On Commission Concerns
Turtlemint’s 20.1% weekly decline reduced its market capitalisation to about $210 Mn.
The stock hit the lower circuit in multiple sessions following IRDAI’s September 23 proposals for commission ceilings across insurance products and distribution channels, including renewals and portability. Comments are due by October 25.
Lower commissions would pressure revenue from Turtlemint’s point-of-sale persons (PoSPs) network. Separately, Jefferies estimated that a 10% reduction in new-business commission rates could translate into a 10-12% earnings decline for both Turtlemint and PB Fintech.
Motilal Oswal had initiated coverage on Turtlemint on September 17 with a ‘Buy’ rating and ₹180 target, citing its more than 5.5 Lakh certified PoSPs, presence across 19,186 pin codes, and potential profitability improvements. However, it had flagged commission regulation as a key risk.
Edited by Vinaykumar Rai
Creatives by Varshita Srivastava
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