Zomato Shares Crash 15 Percent In Days Trade Stock Falls 20 Percent In 2023

Zomato Share Crash: The stock of online food delivery company Zomato has seen a big decline on Wednesday. The stock slipped to Rs 44.35, down 15 per cent at one point during the day’s trading. However, at the close of the market, there was a slight recovery in the stock from the lower level and the stock closed at Rs 47.75, down 8.35 per cent. Earlier Zomato has also seen the level of Rs 40.60.

The stock opened at Rs 52 on Wednesday morning. But after the decline in the market, the decline in Zomato also increased. The market cap of Zomato has come down to Rs 40,834 crore. Zomato came with an IPO at an issue price of Rs 76 and now the stock is trading at Rs 47.75, down 37 per cent from the issue price. After listing in 2021, the stock touched a high of Rs 169. Zomato’s market cap was Rs 1 lakh crore on the day of listing on July 23, 2021, which is now only Rs 40,834 crore. That is, since the listing, investors have suffered a loss of Rs 60,000 crore. In the first 25 days of the year 2023, the stock of Zomato has fallen by 20 percent, then in the last one year the stock has fallen by 52.46 percent and in 3 months by 26 percent.

In recent times, Zomato has been in constant discussion. The company has discontinued Zomato Instant, a service that delivers food within 10 minutes on its app, which was launched in 2022 in Delhi NCR and 10-minute food delivery service in Bangalore. Now the company has once again launched the Loyalty Program offer Zomato Gold. Under Zomato Gold, users will be offered discounts on dining and food delivery. However, to avail this service, users will have to pay Rs 149 for three months. Users taking Zomato Gold will get Unlimited Free Delivery within a radius of 10 km.

Among the tech stocks listed on the stock market in 2021, not only Zomato but also Paytm, Nykaa, Delhivery and Policy Bazaar shares are trading below the issue price. Shares of all these startups are trading up to 75 per cent below their issue price.

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