Zomato, the Indian food delivery giant, saw its shares fall more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors ended. Zomato, which made a stellar stock market debut on July 23 last year, has lost over 60% of its value since then.
The Zomato stock was trading at Rs 46.80 when the markets closed today, but the crash did not take place on Twitter where Zomato was trending high with memes.
— Bikash Kumar (@Bbb71943929) July 25, 2022
#Zomato trading @ Rs.48/-
Zomato chart right now pic.twitter.com/e927MSaAND
— Ahmad Sadat Nawfal (@sadat_nawfal) July 25, 2022
On Monday, the stock posted its biggest intraday drop since January 24. The company now has a market value of Rs 36,600 crore ($4.58 billion), compared with Rs 1.29 lakh crore at its all-time high in November.
— Brij Thakkar (@brijthakkar005) July 25, 2022
— mintbox (@mintboxofficial) July 25, 2022
Recently, Zomato’s Board of Directors approved a proposal to acquire quick commerce company Blinkit, but according to reports, the investors are not comfortable with the acquisition of Blinkit.