New-Age Tech Stocks Bounce Back, FirstCry Biggest Gainer This Week

New-age tech stocks rebounded this week after an extended period of selling pressure amid the turmoil in the Indian and global equities market. Thirty four of the 55 new-age tech companies under Inc42’s coverage gained in a range of 0.12% to over 12% this week.

The market capitalisation of the 55 new-age tech companies rose to $119.46 Bn at the end of the week from $116.64 Bn a week ago.

Emerging from a long period of bearish investor sentiment, kids-focused omnichannel retailer company FirstCry emerged as the biggest gainer this week. The stock zoomed 12.14% to end the week at ₹250.4.

Amid the list of gainers, shares of Lenskart touched a fresh 52-week high at ₹543.55 this week. The stock settled at ₹530 at the end of yesterday’s trade, up 6.04% from the previous week.

Meanwhile, shares of 10 companies – Fino Payments Bank, Unicommerce, Zaggle, MapmyIndia, Wakefit, Zappfresh, IndiQube, Nazara Technologies, Pine Labs, Meesho and Aequs – touched new lows this week. Overall, shares of 21 companies declined in a range of 0.15% to close to 11%.

Troubled Fino Payment Banks’ shares slumped 10.77% to end the week at ₹150.85 and emerge the biggest loser. IndiaMART, EaseMyTrip, TAC Infosec, RateGain, Awfis, and Unicommerce were among the other stocks which fell this week.

With that, here’s a look at some of the important developments at new-age tech companies this week:

• Ola Electric’s board approved reallocating ₹575 Crfrom its ₹5,500 Cr IPO proceeds from its research and product development budget to fund “organic growth initiatives” and repay or prepay debt.
• Continuing its string of acquisitions, Nazara signed definitive agreements to acquire about 50% controlling stakes in Spanish casual gaming studio Bluetile Games and engagement startup BestPlay Systems for a total of $100.3 Mn.
• Aye Finance has been fined ₹1.5 Lakh by BSE for delayed regulatory disclosures for the December 2025 quarter. The delay was attributed to IPO-related timelines, with the company reviewing the matter and initiating corrective steps.
• Fractal Analytics approved transferring its edtech units to subsidiary Analytics Vidhya Educon for ₹10.9 Cr, alongside a ₹39.4 Cr infusion in the subsidiary. Its board also approved an investment of $3 Mn in its step down subsidiary Asper.

Zomato parent Eternal received fresh GST demand notices from tax authorities in Haryana and Jharkhand tax. While it received a notice of ₹10 Cr from Haryana, the Jharkhand authorities sent a notice for ₹9.3 Cr.

IndiQube promoters Meghna Agarwal and Ashu Agarwal bought 1.2 Lakh shares of the company from the open market between February 16 and March 16.

Amagi received an income tax demand notice of ₹2.1 Cr from Bengaluru authorities for FY20.

ArisInfra approved a scheme to merge its subsidiary Arisunitern Re Solutions into itself to streamline operations. The deal will be executed via a share swap and is subject to regulatory and shareholder approvals.

Zappfresh parent DSM Fresh Foods has forayed into aquaculture with the incorporation of new subsidiary, Varuna Aquatech Pvt Ltd, to capitalise on growth opportunities in the aquaculture and allied business sector.

Delhivery received NCLT’s approval to merge acquired businesses Spoton Logistics Pvt Ltd and Spoton Supply Chain Solutions Pvt Ltd with its main business entity.

Tracxn’s independent director Nishant Verman stepped down from his role as he has rejoined Flipkart as a senior vice president of corporate development and partnerships.

Listed edtech player PhysicsWallah received a tax demand notice of ₹263.3 Cr from an assessment unit of the Income Tax Department. The order, issued under Section 143(3) of the Income-tax Act, treats investments raised by the company in FY24 — including funds from SEBI-registered Category II AIFs — as taxable income.

Now, let’s take a look at the broader market trends this week.

Volatility Continues On Dalal Street

The Indian equities market continued to see volatility throughout the week before ending almost flat. The market stayed upbeat in the first three sessions, but a sharp fall on March 19 (Thursday) wiped out gains. It was followed by a choppy final session.

While the Sensex closed flat at 74,563.96, Nifty 50 declined 0.1% to end at 23,114.50.

Early sessions were supported by partial resumption of vessel movement through the Strait of Hormuz. However, escalating geopolitical tensions after Israel’s strike on Iran’s energy infrastructure pushed crude prices back toward the recent highs of around $119 per barrel. Prices have since eased slightly but remain elevated.

Meanwhile, a weakening rupee and subdued global cues added further pressure, reflecting in continued FII outflows during the week.

“The upcoming week is expected to remain data-sensitive amid ongoing global uncertainties. Developments in the West Asia conflict and movements in crude oil prices will continue to act as key external drivers and are likely to dictate the near-term market trend,” said Ajit Mishra, SVP of research at Religare Broking.

With that, let’s take a look at the performance of FirstCry and Fino Payment Banks this week.

FirstCry Tops Weekly Gains

Shares of Brainbees Solutions, the parent of FirstCry, rallied sharply yesterday, hitting the 20% upper circuit at ₹252.07 amid heavy volumes. Nearly 6.3 Cr shares changed hands on the NSE, signalling strong buying interest.

With the rally, shares of FirstCry closed the week 12.14% higher than a week ago. On March 14, FirstCry said it was expanding its 3-hour delivery service, Qwik, across select pincodes in Bengaluru, Pune and Hyderabad to tap into rising demand for faster fulfilment in the kidswear and toys segment.

Nevertheless, the stock continues to trade significantly below its IPO price. The company’s shares are down close to 60% from their IPO price due to lingering concerns around profitability, execution in newer verticals like quick commerce, and broader pressure on new-age tech listings

Fino’s Problems Deepen

Shares of Fino Payments Bank came under intense selling pressure in the first session of the week, tumbling 17.3% to ₹139.85 after a report said that the Directorate General of GST Intelligence (DGGI) may recommend a probe by the Enforcement Directorate (ED) into online gaming-related transactions linked to the bank, citing suspected money laundering.

The company, however, denied the report, calling it “non-factual and speculative”, and reiterated that it is only being investigated by the DGGI’s Hyderabad unit.

Notably, the bank’s MD & CEO Rishi Gupta was arrested by the DGGI last month for alleged GST evasion. Authorities have claimed Gupta was among the “masterminds” behind a syndicate routing funds from illegal online gaming platforms via shell entities and programme managers associated with the bank.

The payments bank has pushed back on the allegations, maintaining that the matter pertains to third-party programme managers who also work with other banks, and that neither the bank nor Gupta is involved in their actions.

Following the arrest, CFO Ketan Merchant has been appointed interim head to oversee day-to-day operations. Gupta has since moved the Telangana High Court challenging his arrest, with the court reserving its order.

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