Market players said the selling could be because of fears around further sell-downs by existing investors. After the end of the one-year lock-in period post-IPO, several large funds have pared their holdings in new-age tech startups, weighing on their stock price performance.
Last week, Alibaba sold nearly a 3 per cent stake in Paytm. Shares of Paytm, Nykaa, and Zomato are down more than 60 per cent each from their highs.
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