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From Nykaa to Zomato, big IPO winners in India take a beating in global selloff

India’s new stock listings are losing their edge as a worsening outlook for global equities leads investors to take profit from high-profile consumer technology stocks that debuted with inflated valuations. The S&P BSE IPO Index, which tracks firms for two years since their listing, has plunged about 10% since the start of the year and is headed for its worst month since March 2020 when the pandemic took hold.