Zomato Plunges Over 14 Pc As Share Lock-In Period Comes To End

Bengaluru: Zomato share price on Monday tumbled by over 14.3 per cent to a record low, after a one-year lock-in period for promoters, employees and other investors came to an end following a 2021 listing. The food chain platform’s total paid up capital of the one year overhang is around 78 per cent.Also Read – No More Domino’s Pizza Delivery By Zomato, Swiggy? Here’s What Company Said

Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60 per cent of their value since then, according to a report by news agency Reuters. Also Read – Jai-Veeru, Is That You? Swiggy Delivery Guy Helps His Zomato Counterpart, Unlikely Dosti Wins Hearts | Watch

The company’s shares opened downside in early morning deals on Monday and went on to breach its life-time low of Rs 50.05 a piece. The share price later made another record low of Rs 47.50 within few minutes of stock market’s opening bell today. Also Read – Viral Post: Mumbai Man Shares Food Order Bills From Zomato And Restaurant; Comparison Triggers Debate

Meanwhile, Indian equity benchmarks also plunged today after their longest winning run since last October as investors eyed policy cues from the upcoming RBI meetings.

The 30-share BSE Sensex fell 420 points or 0.75 per cent to 55,652 in the late morning deals, while the broader NSE Nifty moved 111 points or 0.67 per cent lower to trade at 16,608.

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