Stock prices of new-age firms swing on poll results

Indian stock markets took a hit on June 4 after the absence of a majority mandate for any single party in the country’s general elections.

Major new-age companies including Zomato, Paytm, Delhivery, Nykaa and PB Fintech saw their stock prices plummet on Tuesday. On Wednesday, however, as the broader markets recovered some losses, these stocks also saw their prices rise.

The outcome of the 2024 Lok Sabha led to an 8% intraday drop in both the benchmark indices, the BSE Sensex and NSE Nifty 50. This was their biggest one-day fall in over two years.


This plunge followed massive gains on Monday when exit polls had suggested a clear mandate for the ruling Bharatiya Janata Party (BJP).

ET reported on Tuesday that senior executives in the startup industry hoped for continued support for the ecosystem from the incoming government.

Delhivery: Logistics company Delhivery’s share price ended 7.7% lower on counting day. However, it was back up on Wednesday, rising nearly 5% to close at Rs 378.55.

Nykaa: Omnichannel beauty and fashion retailer Nykaa saw its stock end trading 4% lower on Tuesday. On Wednesday, as the market started to recover, the stock closed at Rs 163.75, up 4.5%.

Paytm: One 97 Communications Ltd, the parent company of Paytm, has been taking a blow since the Reserve Bank of India’s recent crackdown on Paytm Payments Bank. On Tuesday, Paytm’s share closed 5% down at Rs 357.40. Despite the recovery in the broader markets, the stock continued to fall and ended 4.9% lower on Wednesday at Rs 339.85.

Go Digit: Go Digit General Insurance made its stock market debut, gaining 12% on its issue price, last month. The company’s stock saw a relatively milder fall on Tuesday – declining 1.3%. On Wednesday, it gained 1.9% to close at Rs 302.40.

Zomato: Food and grocery delivery company Zomato’s stock price also suffered on result day, closing at Rs 172.10, down 2%. On Wednesday, the stock more than recovered its losses, closing at Rs 183.75, up by 6.8%.

Honasa: The stock of Mamaearth parent Honasa Consumer fell more than 9% on vote counting day. However, on Wednesday it made a recovery, gaining 10.65% to close at Rs 460.40.

Policybazaar: Insurance aggregator Policybazaar’s parent company PB Fintech ended trading 3.4% lower on Tuesday, but rose over 4% on Wednesday.