New-Age Tech Stocks: MapmyIndia, PhysicsWallah Zoom; Ola Electric, Pine Labs Slip

India’s equity markets saw mixed investor sentiment this week, which trickled down to the performance of listed new-age tech stocks. While 29 of the 57 new-age tech companies gained in a range of 0.24% to over 15%, 27 companies fell in a range of 0.37% to 9.11%.

Extending last week’s rally, MapmyIndia emerged as the biggest gainer this week. The stock gained 15.38% to end the week at ₹1,083.50. PhysicsWallah surged 13.5% to close at ₹147.95.

Nine stocks – RateGain, Shadowfax, Lenskart, Honasa Consumer, Delhivery, Kissht, Aequs, Nykaa, Ather Energy and Amagi – touched fresh highs this week.

Meanwhile, Ola Electric emerged as the biggest loser as it emerged that the company is facing three insolvency petitions from its users. The stock plunged 9.11% to end the week at ₹40.42. Shares of fintech major Pine Labs fell 6.86% to end at ₹145.35. 

FirstCry was the only new-age tech company to touch an all-time low at ₹202.70 on July 9 (Thursday) and ended the week 3.26% lower at ₹211.95 on the BSE. 

Overall, the cumulative market capitalisation of 58 new-age tech companies stood at $134.45 Bn at the end of the week as against $139.29 Bn at the end of the previous week. 

With that, let’s take a look at some of the key developments at the new-age tech companies this week.

Key Updates Of The Week

• Fractal CFO Exits: The AI company’s group CFO Ashwath Bhat tendered his resignation on July 6 (Monday), citing personal reasons. Bhat, who has been with the firm since 2021, will continue to helm the financial function till July 24 while Fractal searches for a new CFO.
• ideaForge Closes QIP: In a bid to bolster its warchest, dronetech company ideaForge raised ₹500 Cr via a QIP this week. The company intends to use the fresh funds to prepay/repay debt, develop new products and fund day-to-day operations.
• Nykaa, Honasa’s Bullish Projections: Ahead of the Q1 earnings season, both the BPC majors projected a near 30% YoY top line growth in Q1 FY27.
• TAC Infosec’s Q1 Performance: The NSE SME-listed company reported a 137% YoY and 34% QoQ jump in net profit to ₹8.1 Cr. Operating revenue skyrocketed 102% YoY to ₹19.8 Cr. The cybersecurity company’s stock has been under pressure for some time now, plunging nearly 47% year to date.
• Busy Week For Paytm: The fintech major appointed Paytm Money’s director Venkatesh Srinivasan, Trident Capital’s founder Sachee Trivedi to its board as non-executive independent directors. Meanwhile, its general counsel and SVP-legal Urvashi Sahai resigned during the week. On the international front, the company announced partnership and a minor investment in Indonesian company Flip to expand its merchant base in the country.

With that, let’s take a look at broader market trends this week. 

Market Rally Dampened Again By US-Iran Face-Off 

Amid fresh strikes between the US and Iran, Sensex fell 0.25% to close at 77,569.39, while the Nifty 50 slipped 0.26% to settle at 24,206.90. 

“Indian equities experienced a volatile week, with early optimism giving way to a sharp bout of risk aversion mid-week as escalating tensions in West Asia sent crude prices higher,” Geojit’s research head Vinod Nair noted.

However, the sell-off proved to be short-lived, as investor sentiment improved significantly after taking a hit in the early sessions. The rally was supported by encouraging Q1 business updates from the banking and IT sectors. 

This helped the market regain their footing, driving a broad-based recovery towards the end of the week. 

Meanwhile, FPIs infused ₹15,156 Cr in the Indian equity market during the week. “This is a positive development. India’s improving macros and stability in the rupee have contributed significantly to this pivot in FPI flows. Weakness in the chip trade and FPIs turning sellers in markets like South Korea also have contributed to the inflows towards India. This trend is likely to continue unless the geopolitical scene in West Asia turns worse,” Geojit’s chief investment strategist VK Vijayakumar said. 

With that, let’s take a look at the performance of Swiggy and Ola Electric this week.

Troubles Continue To Pile Up For Ola Electric 

In further troubles for the Bhavish Aggarwal-led company, three fresh insolvency pleas were filed against it this week by vendors — Sterling E-Mobility Solutions, Anevolve Mando eMobility and Seoyon E-Hwa Summit Mobility Krishnagiri — over alleged unpaid dues. 

Ola Electric, in an exchange filing, said the petitions by Sterling E-Mobility and Anevolve Mando stem from “pre-existing disputes” that are already under arbitration. The EV company said it had raised warranty and performance concerns regarding certain parts supplied by the two vendors. 

Last year, Ola Electric’s registration service provider Rosmerta Group had also filed an insolvency plea against the company. However, the issue was resolved later. 

The company has been facing challenges ranging from regulatory issues to customer complaints for more than a year now. As a result, its shares have been under pressure. This week, the stock plunged 9.11% to end at ₹40.42. However, the shares are trading 11% higher on a YTD basis as the company seeks to recover market share.

Swiggy Inches Closer To IOCC Status

Swiggy remained in the spotlight for two major developments this week. 

In what is seen as a significant win for the company, Swiggy managed to bring its foreign ownership below the 50% threshold. Its aggregate foreign investment stood at 49.76% of its paid-up equity share capital on a fully-diluted basis as of July 6, 2026, according to depository data.

The development triggered a rally in the stock earlier in the week. However, brokerage JM Financial said that while reducing foreign ownership below 50% was a key prerequisite for qualifying as an Indian-Owned-and-Controlled Company (IOCC) under FEMA, it was not sufficient on its own.

“Swiggy will also need to complete the requisite governance changes, including demonstrating that ownership and control vest with resident Indian citizens/entities. As per our reading of official requirements, the test for IOCC eligibility is based on the ownership and control position at end-March of the previous fiscal year,” the brokerage noted.

Later in the week, Swiggy’s affordable food delivery vertical Toing came under the FSSAI’s scanner. “The matter related to certain observations by FSSAI regarding updation of licence particulars and involved no food safety concerns,” Swiggy said. 

The company said it addressed the food regulator’s observations and received a modified FSSAI licence on July 9. It added that no monetary penalty had been imposed and the order had no major impact on its operations or financial position. 

A day later, it emerged that the food regulator issued nine notices to Swiggy Instamart following consumer complaints over alleged delivery of expired, spoiled and contaminated food products. 

Amid all these, the company’s shares ended the week 10.05% higher at ₹273.10.

Edited by: Vinaykumar Rai

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