New Delhi: Zomato, the restaurant aggregator cum food delivery firm listed on the bourses with huge optimism among the investors, owing to its fast expanding customer base, however, within months of listing, the stock has turned out to be a laggard.
The shares of Zomato dipped for the second consecutive day on Tuesday, thus hitting an all time low of Rs 44 a piece on the Bombay Stock Exchange. The stocks plunged over 12% in the intraday trade on Tuesday.
On Monday also, the stocks of Zomato had dipped to record levels and breached its listing price.
Reports suggest that the sharp fall in share price was triggered by unlocking of lock-in period of pre-offer equity shares.
However, markets experts are not surprised over the repeated decline of Zomato shares as they saw it coming.
The stocks were about to witness sell-off pressure this week as many investors wanted to exit the stock on account of its poor performance since listing. According to rules set by market regulator, those who held the stocks of company before the IPO launch cannot sell their holding for one year, after the listing.
The Zomato IPO was listed on BSE and NSE on 23rd July 2021.
How Twitter greeted the fall of Zomato
Yesterday also, the Zomato stock plummeted to record lows and prompted hilarious memes on the social media.
Here is what they shared on Monday:
#Zomato trading @ Rs.48/-
Zomato chart right now pic.twitter.com/e927MSaAND
— Ahmad Sadat Nawfal (@sadat_nawfal) July 25, 2022
Zomato #zomato investors to deepinder goyal @deepigoyal Sir : pic.twitter.com/GQSYUUdW95
— Bikash Kumar (@Bbb71943929) July 25, 2022
My friend who was holding Zomato since IPO
Today after watching that It hits 52 week low again?#Zomato pic.twitter.com/ASFypmnkNI— Brij Thakkar (@brijthakkar005) July 25, 2022
#Zomato stock today. Lesson for investors: Focus on building diversified portfolios. #saynotostockpicking pic.twitter.com/EtERWbiUJT
— mintbox (@mintboxofficial) July 25, 2022
