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Why Zomato Shares Hit Fresh 52-Week Low Today? Stock Falls 75% From Highs
The shares of leading food delivery app Zomato has nosedived to a new low today. The shares of Zomato has fallen 11.34% till 1:22 pm in today's trading (July 26, 2022).
The shares of leading food delivery app Zomato has nosedived to a new low today. The shares of Zomato has fallen 11.34% till 1:22 pm in today's trading (July 26, 2022) as the 1-year lock-in period for the pre-IPO investors has come to an end. The 52-week high of the stock is Rs 169 apiece and 52-week low is Rs 41.70 apiece.
In yesterday's trading too, the shares fell 11.28% to end at Rs 47.60 apiece. The current market price of the stock is Rs 41.60 apiece. It is worth noting that the share of Zomato has already touched several 52-week low in the past couple of weeks. Now the stock has fallen nearly 75% from its highs.
Earlier in 2021, shares of the food delivery company fell nearly 73% from its all time highs of Rs 169 apiece in November. Meanwhile, in 1 year, the share has fallen 69%.
Earlier, Zomato was listed on BSE as well as NSE on July 23, 2021 at a robust premium of 51%.
As per laid down standards, the equity share capital held by an organization, without promoters, tends to be locked for 1 year from the period of allotment of shares. It precisely implies that the shareholders will not be able to sell any equity during the specified tenure.
As per reports, Zomato shares have been witnessing considerable pressure soon after the board has given nod to the acquisition of Blinkit for Rs 4,447 crore in an entire stock agreement.
Market Capitalization: The market capitalization of Zomato is 33,305 crore.
About Zomato: It was launched in 2010. Its technology platform connects customers, restaurant partners and delivery partners, serving their multiple needs. Customers use Zomato platform to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. It also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners. It also provides our delivery partners with transparent and flexible earning opportunities.
