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.
— 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.
— Brij Thakkar (@brijthakkar005) July 25, 2022
— 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.