New-age tech stocks drop below IPO prices significantly

New-age tech stocks in India, including Zomato and Swiggy, have dropped below their initial public offering (IPO) prices amid market turmoil triggered by Donald Trump's tariff announcements. This has led to a significant decline in investor confidence. Zomato's stock has fallen 27% from its peak, now trading at ₹222, while Swiggy has seen a 47% drop, currently at ₹326. OLA Electric Mobility is also trading below its IPO price at ₹55, down 27.5%. Other tech stocks like Honasa Consumer and Unicommerce eSolutions have also experienced steep declines. The overall market remains under pressure, with investors cautious due to rising global trade tensions and economic uncertainty.