Zomato stock has lost more than 60% of its value since its IPO.
New Delhi:
Zomato, the Indian food delivery giant, saw its shares tumble more than 14% to a record low on Monday, amid a year-long stock lock-up period for developers, employees and other investors was coming to an end. Zomato, which made a spectacular stock market debut on July 23 last year, has lost more than 60% of its value since then.
Zomato stock was trading at Rs 46.80 when the markets closed today, but the crash didn’t happen on Twitter where Zomato was trending high with memes.
Zomato #zomato investors to deepen their objectives @deepigoyal Sir : pic.twitter.com/GQSYUUdW95
— Bikash Kumar (@Bbb71943929) July 25, 2022
#Zomato trade @ Rs.48/-
Zomato chart right now pic.twitter.com/e927MSaAND
— Ahmad Sadat Nawfal (@sadat_nawfal) July 25, 2022
On Monday, the stock recorded its biggest intraday decline since Jan. 24. The company now has a market value of Rs 36,600 crore ($4.58 billion), down from Rs 1.29 lakh crore at its all-time high in November.
My friend who owned Zomato since the IPO
Today after seeing this it hits the 52 week low again ????#Zomatopic.twitter.com/ASFypmnkNI— Brij Thakkar (@brijthakkar005) July 25, 2022
#Zomato shares today. Lesson for investors: focus on building diversified portfolios. #saynotostockpickingpic.twitter.com/EtERWbiUJT
— mint (@mintboxofficial) July 25, 2022
Recently, Zomato’s board approved a proposed acquisition of fast-trading company Blinkit, but according to reports, investors are comfortable with the acquisition of Blinkit.
