As Zomato Stock Price Falls To All-Time Low, Twitter Memes Rise

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.

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.

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.

Karen J. Nelson