Price of Zomato Share, How Zomato stock dropped 14%: During Monday’s morning trading, Zomato shares fell 14.26% to Rs. 46 per share on both the BSE and National Stock Exchange (NSE).
As the one-year lock-in period for its pre-IPO investors came to an end, shares of the online food delivery and restaurant discovery platform Zomato plunged by over 14% and to a new all-time low during intraday trading on Monday.
During the morning trades, Zomato stock dropped 14.26% to Rs 46 per share on both the BSE and National Stock Exchange (NSE), setting a new record low. The stock ultimately closed at Rs 47.55 per share on the BSE, down Rs 6.10 (11.37%), while it closed at Rs 47.70 per share on the NSE, down Rs 5.95. (11.09 per cent).
Data from the various bourses showed that during the day, over 3.80 crore shares of Zomato were traded on the BSE and over 23.28 crore shares changed hands on the NSE. According to data from the BSE, the company’s market capitalization at the close of the trading session was Rs 37,439.23 crore.
Zomato made a sensational debut on the stock market the previous year, recording a premium of 65.59% on the first day. Over the following few months, it increased its gains and on November 16 of last year, it reached a lifetime high of Rs 169.10 a share. But after accomplishing this achievement, the stock fell steadily over the following eight months, plunging about 73% from its high.
Explaining Zomato’s recent performance in the exchanges Swastika Investmart’s equity research analyst Punit Patni said “The company has been shunned by the investors post the beginning of the rate hike cycle by the central banks globally and the huge sell-off in the tech sector. Further, the company will take significant time to show profitability and the current market sentiments are punishing startups that are growing without showing profits. Therefore, we are averse to Zomato Ltd. despite its strong position in the online food service platforms and the current correction.”
