India, Feb. 16 -- It was a week to forget for all new-age tech stocks in India, with just Honasa surviving the broad market-wide slowdown that hit smallcap stocks the hardest.

Overall, the small and midcap market has declined 18.4% from peak levels and is close to the 20% drop mark, which would put these stocks in a bear market. In fact, between February 10 and February 14, the Indian broader market saw its worst fall since the Covid-hit week of March 20 in 2020.

Within the tech stocks ecosystem, the downturn was fuelled by slowing earnings growth for many of the marquee stocks, lingering concerns over stretched valuations for newly-listed companies, as well concerns over US-India trade relations, where the sword of tariffs is dangling ...