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By Malvika Gurung
Investing.com — Amid the ongoing correction in the domestic market, with heavy sell-offs on Monday led by oil prices surging to 14-year peaks and aggravating the Russia-Ukraine crisis, new-age digital stocks Paytm (NS:) and Nykaa (NS:) ended up to 11% lower in the session.
The fintech player Paytm ended 4% lower at Rs 753.45/share, hitting a fresh low at Rs 751/share in the session. Its market capitalization now stands at Rs 48,863 crore, slipping under the Rs 50,000 crore mark.
The stock, when listed on the Indian bourses in Nov 2021, had a market valuation of about Rs 1.39 lakh crore, now plunging 65% in a little over 3 months.
Another attractively looked upon digital stock Nykaa ended 10.76% lower at Rs 1,347.2/share on Monday, with a market capitalization of Rs 63,860 crore.
At the time of listing in Nov 2021, the stock made a strong debut, with market cap exceeding Rs 1 lakh crore. The online beauty stock’s market valuation has plummeted nearly 40% in a little over 3 months.
Analysts from different brokerages believe that such new-age digital stocks are currently undergoing sharp corrections, due to higher valuations and the global economic impact, but can be seen soaring over the next three to five years.
Ace investor Rakesh Jhunjhunwala on the other hand is not much in favour of such digital stocks.
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