Bearish Week Hits New-Age Tech Stocks: Swiggy Sinks 9%, BlueStone Jumps 29%

Indian new-age tech stocks ended a volatile week largely in the red, with only 16 of the 59 companies under Inc42’s coverage posting gains. Renewed geopolitical tensions, a sharp spike in crude oil prices and persistent foreign institutional investor (FII) outflows dragged the broader market lower, and most tech stocks followed suit. The combined market capitalisation of the tracked companies fell from $142.41 Bn a week earlier to $138.25 Bn.

The week’s biggest loser and gainer

Swiggy was the worst performer, plunging 9.19% to close at ₹251.40. The selloff was triggered by the company’s decision to cap foreign ownership at 49.5% to qualify as an Indian-owned and controlled company (IOCC). While the move is strategically important for regulatory compliance, analysts warned it could lead to Swiggy’s exclusion from global indices such as the MSCI Standard Index and FTSE. According to Nuvama Alternative & Quantitative Research, passive outflows could reach nearly $460 Mn if that happens.

Adding to the pressure, Flipkart’s reported plan to enter food delivery raised competition concerns in a market already dominated by Swiggy and Zomato. Continued margin pressure in Swiggy’s quick commerce vertical Instamart also weighed on investor sentiment.

On the other end, BlueStone emerged as the standout winner, surging 28.9% to end the week at ₹772.90. The omnichannel jewellery brand’s strong Q1 FY27 results — a consolidated net profit of ₹5.9 Cr against a loss of ₹34.7 Cr a year earlier — drove buying interest. Operating revenue jumped 50% YoY to ₹736.8 Cr. Management commentary highlighting robust domestic demand, retail expansion and healthy same-store sales growth further boosted confidence.

Earnings season drives stock-specific moves

Quarterly earnings remained the primary stock-specific trigger through the week. Go Digit dropped 8.95% after reporting a sharp fall in Q1 net profit. Other stocks including Paytm, Eternal, Turtlemint and IndiaMART Intermesh also saw their prices dictated largely by their quarterly disclosures.

On the positive side, E2E Networks — newly added to Inc42’s coverage list — climbed to a fresh all-time high of ₹516.95. Eight new-age tech stocks, including BlueStone, E2E Networks, Kissht, Amagi, Zelio E-Mobility, Lenskart, Aye Finance and Nykaa, touched lifetime highs during the week. In contrast, DevX and Zappfresh slipped to new lows.

Broader market under pressure

Indian equity benchmarks extended their losing streak. The Sensex fell 2.68% to 76,059.77, while the Nifty declined 2.33% to 23,767.45. Brent crude breached the $100-per-barrel mark after the escalation of the US-Iran conflict and disruptions in the Strait of Hormuz, raising imported inflation fears and margin concerns.

Despite the risk-off mood, domestic macroeconomic indicators offered some relief. The composite PMI remained in expansion territory at 54.3, and India’s foreign exchange reserves rose to $675.16 Bn. Stock-specific buying emerged in auto and FMCG sectors, with Bajaj Auto and TVS Motor outperforming on strong quarterly earnings.

Datos clave

Metric	Value
New-age tech stocks that ended higher	16 out of 59
Combined market cap change	$142.41 Bn → $138.25 Bn
Biggest gainer	BlueStone (+28.9%)
Biggest loser	Swiggy (-9.19%)

What to watch next

Investors will closely track the US Federal Reserve’s policy decision, crude oil movements, domestic macroeconomic data (June IIP and fiscal deficit) and the ongoing Q1 FY27 earnings season. For tech startups and their stakeholders, the week’s divergence — Swiggy’s foreign ownership dilemma versus BlueStone’s profit-driven rally — highlights how company-specific fundamentals and regulatory moves can sharply split market outcomes in a fragile macro environment.

Source: Inc42 – Swiggy Plummets, BlueStone Soars Amid Bearish Week For New-Age Tech Stocks (https://inc42.com/buzz/swiggy-plummets-bluestone-soars-amid-bearish-week-for-new-age-tech-stocks/)