Zomato, India’s food delivery giant, saw its stock drop more than 14% to a record low on Monday, as a year-long stock-lock period for promoters , employees and other investors ended. Zomato, the outstanding company that launched on the stock market on July 23 of last year, has lost more than 60% of its value since then.
Zomato shares were trading at Rs 46.80 as of market close today, but the crash did not occur on Twitter, where Zomato is trending high with the meme.
– Bikash Kumar (@ Bbb71943929) July 25, 2022
#Zomato deals @ Rs.48 / –
Zomato chart now pic.twitter.com/e927MSaAND
– Ahmad Sadat Nawfal (@sadat_nawfal) July 25, 2022
On Monday, the stock posted its biggest intraday drop since Jan. 24. The company now has a market value of Rs 36,600 ($4.58 billion), compared to Rs 1.29 lakh crore. at an 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 the fast-trade company Blinkit, but according to reports, investors are not comfortable with the acquisition of Blinkit.