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New-age tech stocks saw a bearish week as investors turned selective amid the ongoing Q4 earnings session. Forty six out of the 57 new-age tech stocks under Inc42’s coverage fell in a range of 0.2% to over 22% this week.

Fintech company Pine Labs emerged as the biggest loser after the expiry of its IPO lock-in on Wednesday (May 13). After touching an all-time low of ₹151 on Wednesday, the company’s shares recovered a bit to end the week at ₹152.7. The stock slumped 22.15% during the week.

Similar to Pine Labs, shares of Groww also plunged 8.15% this week to end at ₹187.6 following its lock-in expiry earlier in the week. Zaggle, Awfis, Urban Company, and MobiKwik were among the other losers this week. Besides Pine Labs, shares of Swiggy and Wakefit also touched fresh lows this week.

Meanwhile, six stocks — Aye Finance, Fractal, Honasa Consumer, ideaForge, Ather Energy and Shadowfax — touched fresh highs this week. Overall, 11 companies saw their shares soar in a range of 0.39% to over 14%.

BSE SME-listed Veefin Solutions emerged the biggest gainer, with its shares surging 14.28% to end the week at ₹355.4 following its Q4 results. It reported a 106.5% YoY jump in Q4 net profit to ₹16 Cr, while operating revenue jumped 27% to ₹131.3 Cr.

Here are other key financial disclosures by new-age tech companies this week:

Now, let’s take a look at the key developments at these companies this week:

• Following lock-in expiry, Groww’s investors Peak XV Partners, Ribbit Capital and Y Combinator cumulatively sold 29.52 Cr shares for ₹5,326 Cr.
• Pine Labs announced a partnership with Philippines-based fintech GCash for Business to integrate instalment payment plan offers, rewards, loyalty, and cashback features with the existing merchant acquiring solution of GCash.
• EaseMyTrip’s board approved a plan to raise ₹500 Cr via a rights issue. The funds will be used to bolster its tech and platform while exploring strategic acquisition opportunities.
• Swiggy has sought shareholders’ approval to amend its articles of association and rejig its board nomination framework to become an Indian-owned and controlled company (IOCC). The company issued a postal ballot notice last month to seek shareholder nod for amendments to its articles of association. The remote e-voting commenced on April 21 and will close on May 20.
• Honasa Consumer won a key arbitration ruling against Dubai-based distributor RSMM General Trading LLC, with a tribunal awarding AED 7.25 Mn (about ₹18.9 Cr) to the company. The tribunal said RSMM breached the distributor agreement by pursuing Dubai court proceedings and upheld Honasa’s termination of the agreement.
• Amagi received an income tax assessment order proposing a transfer pricing adjustment of ₹17.9 Cr for AY24. The company said tax authorities classified certain overseas entities as “resellers of IT products”, a view it disputes, and plans to challenge the order before appellate authorities.
• EV major Ola Electric’s board cleared a cumulative investment of ₹2,000 Cr in its cell manufacturing arm, Ola Cell Technologies Pvt Ltd (OCT), and vehicle manufacturing arm, Ola Electric Technologies Pvt Ltd (OET). While OET is set for an infusion of ₹1,500 Cr, the company intends to invest ₹500 Cr in OCT.
• Awfis Space Solutions said GST authorities dropped tax demands worth about ₹7.6 Cr across FY20 to FY25 following multiple assessment orders in Tamil Nadu. The company said proceedings now stand fully concluded after paying ₹55,568 towards interest liabilities.

With that, here’s a look at the performance of the broader market this week.

The Indian equities market ended the week under pressure amid ongoing geopolitical tensions in West Asia, plunging rupee, and rising inflationary concerns. While Sensex dipped 2.7% to end at 75,237.99, Nifty 50 slumped 2.2% to end at 23,643.50.

As has been the case for most parts of the past few months, a key mover for domestic markets was the developments in West Asia. The uncertainty in ceasefire led to crude oil price rising beyond the $105 per barrel mark.

Investor sentiment was further dampened after Prime Minister Narendra Modi called for austerity measures, including reduced fuel consumption, lower discretionary imports such as gold, and greater adoption of locally manufactured products, said Ajit Mishra, SVP of research at Religare Broking.

The Centre’s emphasis on conserving foreign exchange reserves highlighted concerns around rising import dependence amid elevated global commodity prices.

In line with the rising input costs, India’s wholesale inflation surged sharply to 8.30% YoY in April 2026 from 3.88% in March, marking the fastest growth since October 2022 — driven primarily by fuel, manufacturing and food prices.

“Investor focus has now shifted toward rising inflation risks, driven by higher‑than‑expected WPI prints, ongoing fuel price passthrough, and elevated bond yields, alongside the potential recalibration of monetary policy stances and possible downgrades to Q1 FY27 earnings,” said Geojit Investments’ research head Vinod Nair said.

Moving forward, markets will react to new announcements from the recently concluded US-China summit. Besides, any constructive progress toward reopening the Strait of Hormuz will also restore investor appetite and provide a more durable direction to the markets.

With that, let’s take a look at the performance of Nazara Technologies and Zaggle this week.

It was a positive week on the bourses for Nazara Technologies. During the week, the gaming company reported itsQ4 FY26 numbers. Its profit zoomed multifold to ₹55.7 Cr from ₹4.1 Cr reported in the year-ago period.

However, operating revenue declined 24% YoY to ₹397.8 Cr due to the deconsolidation of NODWIN Gaming. For full FY26, Nazara’s top line grew 13% YoY to ₹1,829 Cr, while profit zoomed 61% YoY to ₹82 Cr.

Following the disclosure, JM Financial reiterated its ‘ADD’ rating on the stock and kept the price target unchanged at ₹300. Besides, Choice Institutional Equities also maintained its price target of ₹400 with a ‘Buy’ rating.

“We value Nazara on a SOTP (sum of the parts) basis arriving at a PT of ₹400 and retain our BUY rating. We believe current valuation does not fully capture the platform’s improving profitability profile and long-term compounding potential,” Choice said.

The stock moved slightly higher in the two sessions following the release of its Q4 numbers.

However, the shares hit the 20% upper circuit yesterday following reports of major block deals during early trading hours.

Exchange data showed later in the day that brokerage company Zerodha purchased over 35 Lakh shares of the gaming firm for ₹93.05 Cr. Besides Zerodha, Nazara promoter Axana Estates bought shares worth ₹392.9 Cr. The shares were offloaded by Nazara’s promoter group entity Mitter Infotech LLP.

Overall, the stock ended the week 11.87% higher at ₹300.1.

Fintech SaaS company Zaggle reported yet another quarter with incremental gains in its profit and top line. However, investors turned bearish on the stock due to margin pressure.

Zaggle reported a 30% YoY and 9% QoQ increase in net profit to ₹40.6 Cr for the quarter ended March 2026. Operating revenue rose 50% YoY and 18% QoQ to ₹617.9 Cr in the quarter.

For full FY26, Zaggle’s profit grew 57.9% YoY to ₹138.6 Cr and revenue from operations zoomed 46.3% YoY to ₹1,907.6 Cr. Annual adjusted EBITDA improved 51% YoY to ₹191.6 Cr.

For FY27, Zaggle projected a standalone revenue growth of 25-30% and consolidated revenue growth of about 40%, driven by AI, international expansion, and deeper monetisation across its ecosystem.

“… Looking ahead, we remain optimistic about the opportunities across the digital payments and enterprise spend management ecosystem. For FY27, we project standalone revenue growth of 25-30% and consolidated revenue growth of around 40%. We believe this vision will be driven by AI-first product development, expansion into MENA and US markets, and deeper monetisation,” Zaggle executive chairman Raj P Narayanam said.

However, the stock touched lower circuit on Thursday (May 14) on concerns about weakening margins and cash flow despite strong revenue growth. Investors reacted to management commentary indicating “near-term margin dilution” due to the acquisition of enterprise spend management startup Dice Enterprises.

A report by Equirus Securities flagged weak operating cash flows, noting that “standalone/consolidated operating cash flow trends remained weak”. Additionally, EBITDA margin slipped sequentially to 9.4% from 9.9%, while incentives and cashback expenses continued to stay elevated, adding to concerns over profitability and integration-related pressures in FY27.

The company’s shares slipped 18.26% during the week to end at ₹210.6.

Edited by Vinaykumar Rai

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