New age companies as you described them are on a roll recently. Zomato remains the poster boy for these bunch of companies. Ola post listing has generated a lot of buzz. It reminds me of the stir caused by the likes of Nykaa post listing and look what happened. You can also look up the trading history of a company called Indigo paints. Post listing it was taken to crazy valuation levels in 2021 and price I think went up to 2800 kind of levels, and now it is half of that, and inspite of string of decent results has failed to provide much cheer for investors.
Stocks often run on narratives in the absence of numbers. This kind of rally can sustain brief periods of time, but in the longer run, its earnings, earnings, and earnings (as Lynch baba described it).
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