Start-up meltdown continues as pre-IPO investors look to sell stake

Paytm shares go down 10 per cent after SoftBank pares holding; Delhivery, PolicyBazaar under pressure

Shares of five new-age listed start-ups witnessed selling pressure on Thursday after SoftBank pared a fourth of its stake in One97 Communications (Paytm), following the end of the one-year lock-in.

The move by global technology (tech) investors stoked fears that it may look to sell shares in other Indian tech firms, such as PB Fintech (PolicyBazaar) and Delhivery, where the lock-in has just ended. Shares of Paytm dropped 10 per cent to close at Rs 540, with a decline of 10 per cent over its previous day’s close. Shares of logistics firm Delhivery, online insurance marketplace PolicyBazaar, and restaurant aggregator