New Delhi, Jan 28 (IANS): Shares of Zomato, Nykaa and PolicyBazaar have failed to maintain an uptrend after being able to garner strong listing gains. These stocks have come off their initial highs since their market debut.

Notably, all the three new-age companies made their debut on the exchanges in 2021.

Listed on July 23, 2021, food aggregator Zomato's stock prices declined around 28 per cent. The company, by the way, debuted on the bourses with a 51 per cent premium over its IPO issue price of Rs 76.

Zomato's market capitalisation slipped well below Rs 1 lakh crore with the recent sharp decline, data showed.

PB Fintech-backed online insurance provider PolicyBazaar's shares are down 34 per cent since its market debut on November 15, 2021. Its listing gains were over 20 per cent.

Similarly, FSN-E Commerce Ventures-backed online beauty and wellness retailer Nykaa fell 17-18 per cent since its debut on November 10, 2021. The firm's shares were listed on the bourses with a healthy premium of around 78 per cent.

Analysts attribute the decline in stock prices to their low valuations.

Besides the low valuations, weak broader market performance in 2022 also weighed on these new-age companies during the recent sessions.