New-age business shares bleed further; analysts recommend caution

The rout in India’s new-age businesses deepened on Tuesday led by a steep fall in One97 Communications, parent of mobile payment platform Paytm and FSN E-Commerce Ventures, owner of online fashion retailer Nykaa. Large funds continued to dump their shareholdings in some of these companies, pointing to more pain ahead, said analysts, who warned retail investors against mopping up these shares at this juncture.