Food Delivery Giant Zomato’s stock hits an all-time low, falls below listing price
- ByTejika Bajaj | January 22, 2022
The food delivery giant Zomato has witnessed a downward surge in its stock price for the first time since its debut last year. The share price has declined to an extent below its listing price due to non-stop selling during the past four sessions.
The stock price fell by 10 percent of the market average to hit a fresh 52-week low of INR 113.15. With this hit, the stock price fell way below its listing price of INR 115 apiece. It is devastating to note that the company has observed a 17 per cent slip in the share price in the past four sessions. Furthermore, the market capital has also taken a hit to fall below INR 1 lakh crore during the crash.
The food delivery platform listed with much fanfare last year and never looked back, doubling in just a few days. But recent concerns over loss-making companies have dealt a blow to its prices. Shares of its new-age tech peers Paytm, PB Fintech and CarTrade have also been on a downward journey.
The recent downward trend witnessed in various stock prices of some highly accredited names has taken place due to rising investor concern over a speculated global market sell off and the possibility of rising interest rates. The investors have started selling these shares in a distressed sale thus causing the share prices to fall way below their listed price.
Owing to the heat of the investor pressure, various prominent players experienced a downward surge in share prices. Paytm was down about a percent, falling for the 13th instance in the last 14 sessions. PB Fintech fell 4 per cent, while CarTrade was down half a percent. Even Nykaa, one of the few profitable e-commerce companies, was down over a percent.
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