Stock Market update: Zomato shares fall 7% to listing price

A sharp decline in stock price has seen Zomato’s market capitalisation (market cap) decline below the Rs 1 trillion mark, to Rs 95,007 crore as of 09:58 am; the BSE data showed.

Shares of Indian multinational restaurant aggregator and food delivery company Zomato Ltd have been on a constant decline in Friday’s session and tanked down 7.83 per cent at Rs 115.40 apiece, Jan 21, 2:20 pm IST.

Zomato had raised Rs 9,375 crore through an initial public offer (IPO) by issuing shares at Rs 76 per share. On Friday, the shares fell 6 per cent and came down to Rs 116.75, which is in the touching distance of the listing price of Rs 115 on NSE. The stock has succumbed almost 13 per cent in four sessions. The stock’s Mcap also plunged below Rs 1 lakh crore during the crash.

Earlier, the stock price of Zomato has tanked 29 per cent from its 52-week high of Rs 169.10 hit on November 16, 2021. Past year, Zomato has been declining on the market by falling 8 per cent, as compared to a 5 per cent rally in the S&P BSE Sensex. In the last three months, the stock has declined 13 per cent, as against a 3 per cent decline in the benchmark index.

A sharp decline in stock price has seen Zomato’s market capitalisation (market cap) decline below the Rs 1 trillion mark, to Rs 95,007 crore as of 09:58 am; the BSE data showed. Furthermore, Zomato had also fallen out from the top-50 most valued listed companies in terms of market cap.

The company reported a net loss of Rs 430 crore on a consolidated basis compared to a loss of Rs 230 crore in the same period of last year, an increase of 87 per cent.

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