New-Age Tech Stocks: Insurtech Sell-Off Drags Combined M-Cap Down By $3.6 Bn This Week
New-age tech stocks saw a bearish week, with a sharp sell-off in PB Fintech and Turtlemint following IRDAI’s proposed commission…
New-age technology stocks experienced a bearish week, with significant declines in several companies following the Insurance Regulatory and Development Authority of India's (IRDAI) proposal to cap commissions. Policybazaar's parent company, PB Fintech, and leading digital insurance platform Turtlemint saw sharp drops of 33.02% and 34.97% respectively, as investors weighed the potential impact on their revenue and profitability.
Despite these losses, some new-age technology companies managed to gain, with Capillary Technologies and Zelio E-Mobility leading the gains with increases of 24.59% and 23.96% respectively. Overall, the combined market capitalization of the 65 new-age tech companies covered by Inc42 declined by $3.6 billion, or 2.1%, to $166.6 billion.
Written by urgent.news from Inc42's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
