Bearish Market Curbs Indian Tech Stocks’ Enthusiasm

It was a week to forget for all new-age tech stocks in India, with just Honasa surviving the broad market-wide slowdown that hit smallcap stocks the hardest.

Overall, the small and midcap market has declined 18.4% from peak levels and is close to the 20% drop mark, which would put these stocks in a bear market. In fact, between February 10 and February 14, the Indian broader market saw its worst fall since the Covid-hit week of March 20 in 2020.

Within the tech stocks ecosystem, the downturn was fuelled by slowing earnings growth for many…