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　　This year, the synchronized interest rate hikes by some major central banks such as the Federal Reserve have not only hit technology stocks in the U.S. stock market, but some "star technology stocks" in India are also having a hard time.

　　In the past 16 months, the market capitalization of the five most watched consumer technology stocks listed in India as of November 17 has shrunk by a total of US$18.4 billion compared with the first trading day of listing.

　　Concerns over stretched valuations and rising global interest rates made One 97 Communications Ltd. (OCL), the parent of payments company Paytm , the worst hit of the five stocks above. The other four "victim" unicorns include online food delivery platform Zomato, beauty e-tailer Nykaa, logistics company Delhivery and online insurance marketplace Policybazaar.

　　Arun Malhotra, a portfolio manager at CapGrow Capital Advisors LLP, an investment consulting firm, said that in 2021, due to the Indian government's commitment to supporting start-ups, coupled with loose monetary policy and a surge in online retail transactions during the epidemic, India's initial public offering (IPO) ) reached a record $18 billion. But this year, even though the Indian stock market has outperformed many other major global stock markets and hit new highs, investors have sold off those previously high-profile technology stocks.

　　"The valuations of these technology companies are not supported by fundamentals and balance sheets, and their cash consumption is very high." He said that as the major shareholders who previously invested in these companies in the primary market reduced their holdings after the lifting of the ban, the secondary market The increase in the supply of tradable shares has accelerated the decline in the stock prices of these companies.

　　For example, One 97 Communications Ltd. plunged 10.78% again on November 17 (Thursday), and its closing price was 75% discounted from the issue price of 2,150 rupees a year ago. On the same day, its second largest shareholder, SoftBank Group, sold 29 million shares of Paytm at a price of 555 rupees to 601.45 rupees per share, worth 215 million U.S. dollars, through a block transaction. On November 18, 2021, Paytm will be officially listed, that is to say, one day later, the major shareholders with a one-year sales restriction period will usher in the lifting of the ban.

　　Coincidentally, the stock price of Zomato Ltd. fell 14% on the day when the lock-up period ended at the end of July, and then in early August, Uber, one of the early investors and one of the major shareholders, reduced its holdings by US$392 million.

　　And even after these stocks fell sharply, market participants are still not optimistic about most technology start-ups in the United States. "New investors should not rush to buy the bottom line as these companies still lack clear prospects and pathways to profitability," said Abhay Agarwal, fund manager at investment firm Piper Serica Advisors Pvt.