Market Turbulence Hits Indian Stocks

The Indian stock market experienced a significant downturn as sale restrictions on approximately $4 billion of shares were lifted on Monday. This event has intensified the pressure on a market that has already seen a $1 trillion decrease in value since mid-December.

Impact on Major Companies

Among the companies affected by the expiration of lockups were FirstCry operator BrainBees Solutions, Ceigall India, Ola Electric Mobility, and Unicommerce eSolutions. Shares of most of these companies fell, with Quadrant Future Tek leading the decline with a 20% drop. Unicommerce eSolutions also saw a significant slump, with shares falling 10% in their largest plunge since their trading debut in August.

Continued IPO Rush Amid Market Pessimism

Despite the broader pessimism surrounding the Indian stock market, the rush of Indian IPOs continues, with the securities regulator processing more than 60 applications. This comes as concerns about the slowing economy and earnings growth contribute to a 20% decline in the total market cap of Indian stocks from a December high to $4.1 trillion.