Consumer tech stocks gain big in FY24 as ops stabilise

Mumbai: Consumer tech companies that went public between late 2021 and early 2022, and were pummelled after their listing, are seeing a robust recovery on the bourses with gains of as much as 46% in the current fiscal. Although most are way below their initial public offer (IPO) prices, the hype surrounding these companies have subsided, and analysts and investors now have a better understanding of their business. These companies too are trying out new things which are showing positive results, helping the stocks gain on the bourses, brokers said.

“The 2021 IPO overvaluation and the subsequent correction in 2022 were both driven by factors external to the businesses,” said Ravi Srivastava, partner & head of research, Bay Capital Investment Advisors.