New-Age Tech Stocks Sell-Off: Swiggy Falls 24.5% This Week

6 min read · Last updated: October 25, 2026

A new-age tech stocks sell-off is a week when most recently listed Indian tech companies fall together, whatever their own results. This week 63 of the 67 stocks Inc42 tracks declined, led by Swiggy's 24.5% drop to ₹176.70, and the group lost over $11 Bn in combined market capitalisation.

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The report

• New-Age Tech Stocks Tumble This Week, Swiggy Leads Sell-Off With 24.5% Fall, Inc42, October 25, 2026

Two stocks, one week, opposite results. ixigo, the online travel aggregator, rose 1.45%. Swiggy, the food delivery and quick commerce company, fell 24.5%.

That gap is the best way to understand what a sell-off really is. Once you can explain why those two moved differently, you can read almost any week of market news without panic.

This is a news explainer, not investment advice. Every number below comes from the Inc42 report above.

Key takeaways

• 63 of 67 new-age tech stocks under Inc42's coverage declined this week, by between 1.03% and 24.5%.
• The group lost over $11 Bn in combined market capitalisation, leaving the 67 companies at $149.2 Bn.
• Swiggy fell 24.5% to ₹176.70, which is 54.7% below its ₹390 IPO price.
• Only 4 stocks ended higher: Yudiz, Capillary, ixigo and Tracxn.
• The Sensex fell 2.15% and the Nifty 50 fell 2.63%, so the pressure was market-wide, not only tech.
• Swiggy says Q2 should mark its peak adjusted EBITDA losses.

What is a broad sell-off, and how is it different from a bad earnings reaction?

A broad sell-off is a fall that hits most stocks in a group at once, regardless of company news. A bad earnings reaction is a fall caused by one company's own results. You tell them apart by counting how many stocks fell, not by looking at one chart.

Here is the comparison that makes it concrete.

	Swiggy	ixigo
Weekly move	-24.5%, closed at ₹176.70	+1.45%
Latest results	Q2 FY27 consolidated loss of ₹922 Cr, down 16% YoY but up 17% from ₹791 Cr in Q1	Q2 net profit of ₹63.4 Cr versus a ₹3.5 Cr loss a year earlier
Operating revenue	₹7,571 Cr, up 36% YoY	₹321 Cr, up 12.9% YoY
Weak spot	Instamart adjusted EBITDA loss of ₹895 Cr	Adjusted EBITDA down 17.2% to ₹23.6 Cr
Price vs history	Touched an all-time low intraday yesterday	Not reported in the source

Swiggy's fall has a company-specific cause on top of the market-wide one. ixigo's result held up while the market fell around it.

But notice the number that matters more: 63 of 67. Inc42's own summary says the selling went beyond companies with weak results, which shows broader market pressure outweighed company-specific gains.

What happened to new-age tech stocks this week?

This week, 63 of 67 new-age tech stocks fell, between 1.03% and 24.5%. Twelve other stocks hit fresh 52-week lows in a holiday-shortened week, and the selling reached Eternal, Ola Electric, Paytm and Lenskart.

Here are the facts in one place:

Measure	Figure
Stocks covered before this week's listings	67
Stocks that declined	63
Stocks that rose	Yudiz, Capillary, ixigo, Tracxn
Combined market cap of the 67	$149.2 Bn
Combined market cap lost	Over $11 Bn
Stocks at fresh 52-week lows (besides Swiggy)	12, including Yatra, Turtlemint, FirstCry, Unicommerce, IndiaMART InterMESH
Combined market cap of all 69 tracked after two listings	$152.32 Bn, about 3.2% of BSE-listed market cap

Two companies also made their market debuts this week. Zetwerk, a B2B manufacturing company, and Tonbo Imaging, a defence tech company, listed at a premium. Both then came under pressure and closed 13.02% and 2.44% below their BSE listing prices.

How does a sell-off work, step by step?

A sell-off usually moves from the whole market, to riskier segments, to the most exposed stocks, and company news decides who falls furthest. The week's data shows each step.

1. Macro pressure arrives. Inc42 lists rising crude prices, geopolitical tensions in West Asia and sustained foreign institutional investor (FII) outflows. Brent crude was approaching $115 per barrel, raising worries about inflation, rupee depreciation and corporate margins.
2. The main indices slip. The Sensex fell 2.15% to 73,123.83 and the Nifty 50 fell 2.63% to 22,600. Both declined in all four trading sessions, with markets closed on Tuesday for Dussehra.
3. Smaller companies fall harder. The Nifty Midcap 100 lost 5.6% and the Nifty Smallcap 100 lost 7.3%, against 2.8% for the Nifty Bank. Most new-age tech companies are far smaller than the index heavyweights, so a steeper fall is no surprise.
4. Foreign money keeps leaving. FIIs sold equities worth ₹2,697 Cr, their tenth consecutive week of net selling. Domestic institutional investors bought ₹10,942 Cr.
5. Earnings season picks the losers. Investors scrutinised Q2 earnings, valuations and management guidance. A company with a visible problem gets hit first and hardest.

The FII selling did moderate, from ₹8,991 Cr the week before. Vinod Nair, head of research at Geojit Investments, said: "Going ahead, the steady moderation in FII selling offers some comfort, though elevated crude and sharp broader-market weakness keep the downside risk alive."

Why did Swiggy fall 24.5% while ixigo rose?

Swiggy fell because its Q2 FY27 results showed mounting losses at Instamart, its quick commerce arm, on top of a weak market. ixigo rose because it posted a net profit and strong gross transaction value growth after its October 17 results.

The Swiggy numbers, from the Inc42 report:

• Consolidated Q2 FY27 loss narrowed 16% YoY to ₹922 Cr, but widened 17% from ₹791 Cr in the previous quarter.
• Instamart's adjusted EBITDA loss widened to ₹895 Cr from ₹849 Cr a year earlier and ₹778 Cr in Q1, even though its gross order value rose 31% YoY to ₹9,230 Cr.
• Food delivery did well: adjusted EBITDA hit a record ₹341 Cr from ₹240 Cr, on revenue up 22% to ₹2,338 Cr.
• Swiggy blamed pricing investments, customer and category mix changes and new dark-store costs for pressure on contribution margin.
• It expects Q2 to be the peak for adjusted EBITDA losses and about 100 basis points of margin improvement in Q3.
• It plans to move Instamart to an inventory-led model over two to three quarters, targeting an 80-basis-point contribution-margin improvement.

Brokerages mostly kept their ratings but cut targets. HSBC lowered its target to ₹240 from ₹315, and CLSA cut its target to ₹262.

For the full quarter, read our Swiggy Q2 FY27 results and Instamart loss breakdown.

ixigo's story is not perfect either. Its adjusted EBITDA fell 17.2%, flight revenue fell 7.5% even with 37.2% GTV growth, and brokerage Choice Equity flagged margin pressure from planned investments of ₹10-12 Cr. Choice Equity kept its 'ADD' rating and ₹190 target. A stock can rise in a bad week with imperfect numbers.

When does a sell-off tell you something, and when does it not?

A sell-off tells you about sentiment and risk appetite, not about any single business. Use breadth to judge the market's mood. Do not use it to judge whether one company is healthy or broken.

Use it for	Do not use it for
Seeing if pressure is market-wide (63 of 67 fell)	Deciding a company's value from one week
Spotting the outliers, like ixigo, that held up	Assuming the four risers are safe
Checking if macro factors (crude, FII flows) are the driver	Predicting next week's direction
Comparing a stock's fall to its index (Swiggy vs Nifty Smallcap 100)	Treating the IPO price as a fair value

Swiggy's 54.7% distance from its IPO price is a fact about where the stock sits today. It is not a verdict on the business. Its food delivery segment posted a record profit in the same quarter.

The Inc42 report also names things to watch next week: the Federal Reserve and Bank of Japan rate decisions, US GDP, India's industrial production, corporate earnings, West Asia developments, crude prices, US treasury yields and India-US trade negotiations.

How can you check breadth yourself? A small example

Breadth is just the share of stocks that moved the same way. Here is the arithmetic in Python, using only the figures from the report:

covered = 67
declined = 63
print(f"Breadth: {declined / covered:.1%} of stocks fell")
# Breadth: 94.0% of stocks fell

ipo_price = 390
close = 176.70
print(f"Swiggy vs IPO: {(close - ipo_price) / ipo_price:.1%}")
# Swiggy vs IPO: -54.7%

In words: if 9 in 10 stocks in a group fall together, look for a market cause first. If one stock falls 24.5% and its peers fall 1%, look at the company.

This week had both. Most of the group fell on market pressure, and Swiggy fell far more on its own results.

FAQ

How much did new-age tech stocks lose this week?

New-age tech stocks lost over $11 Bn in combined market capitalisation this week, according to Inc42's report of October 25, 2026. The 67 companies it covered before this week's listings ended at a combined $149.2 Bn.

Why did Swiggy's stock fall 24.5%?

Swiggy fell 24.5% to ₹176.70 after its Q2 FY27 results showed widening losses at Instamart, its quick commerce arm, during a weak market. Inc42 says it touched an all-time low intraday and is 54.7% below its ₹390 IPO price.

Which new-age tech stocks went up this week?

Only four of the 67 stocks rose: Yudiz, Capillary, ixigo and Tracxn. ixigo gained 1.45% after its Q2 results on October 17, which showed a net profit of ₹63.4 Cr.

What caused the wider market fall?

Inc42 cites rising crude prices, geopolitical tensions in West Asia and sustained FII outflows. The Sensex fell 2.15% and the Nifty 50 fell 2.63%, with all four trading sessions ending lower.

Want to track numbers like these yourself? Try the free tools on Art of Code, or read how the developer job market is splitting in 2026.

Written by Adithya Guttha, Founder of Art of Code.