India’s Zomato plunges to record low as share lock-in period ends - Delhi
Thursday, 28 July 2022Item details
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Delhi
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Shares of Indian food delivery company Zomato (ZOMT.NS) fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors expired following the 2021 listing.
Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60% of their value since then on concerns about valuations and as global growth stocks cratered.
“Investors are concerned about the sell-off through employees and promoters,” said Prashanth Tapse, vice president of research at Mehta Equities.
Investors are also not comfortable with the acquisition of Blinkit, he said, adding that the fundamentals of the company were still good.
Read more at httpsracforex.com/
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