New-age IPOs take a hit: PW, Groww, Lenskart, Pine Labs fall up to 8%

It wasn’t a great day for newly listed technology stocks. All four new-age IPOs - PhysicsWallah, Groww, Pine Labs, and Lenskart - witnessed sharp selling pressure on Thursday, falling up to 8% intraday despite a positive broader market.

Among the tech IPO pack, Billionbrains Garage Ventures (Groww) saw the steepest decline, dropping 7.84% to close at ₹156.62 on the BSE. Lenskart Solutions followed with a 2.88% slide to ₹416.65, while PhysicsWallah eased 1.81% to end at ₹140.95, recovering part of its early losses. Pine Labs shares closed 1.18% lower at ₹239.25.

This weakness was in contrast to the overall market, where benchmark indices ended on a solid note. The BSE Sensex gained 446 points, or 0.52%, to finish at 85,633, while the NSE Nifty rose 139.50 points, 0.54%, to 26,192.

Analysts attributed the sell-off to profit booking after strong post-listing rallies across new-age tech counters. “The market is becoming more selective with new-age tech valuations in this volatile environment,” said Khushi Mistry, Research Analyst at Bonanza.

“Investors are reassessing valuations amid weakening quarterly results and continuing losses in several companies,” she added. Mistry also pointed to global headwinds — rising interest rates, geopolitical tensions, and persistent inflation — widening the overall risk-off sentiment.

According to her, “This correction is a healthy reset, helping cool inflated expectations and shifting attention back to fundamentals such as profitability, margin expansion, and sustainable growth.”

Despite the latest pullback, all four companies continue to trade above their IPO prices. Groww topped the chart, delivering a robust 56.62% gain over its issue price of ₹100. The stock touched a record high of ₹193.8 on November 18.

PhysicsWallah has also rewarded early investors with a 29.3% return, moving from its IPO price of ₹109 to ₹140.95, after swinging between ₹121.2 and ₹162 since listing on November 18.

Meanwhile, Pine Labs has delivered a positive return of over 8% over its issue price. Against its IPO price of ₹221, the stock has edged up to ₹239.25, marking an 8.25% gain, with price movements between ₹234.05 and ₹283.7.

Meanwhile, Lenskart has delivered a muted return to its investors. From the issue price of ₹390, the eyewear retailer stock has risen to ₹416.65, registering a 6.8% increase, making it the slowest gainer in the tech pack.

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