Desk Business
The stock of the meals supply big traded decrease for the fourth straight day, shedding 16 per cent throughout the interval.
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Shares of Zomato kept on wilt underneath promoting stress on Friday, falling 9% on the BSE to Rs 113.75, the base shut since its organizing on July 23, 2021. The sharp decay inside the stock worth hauled its market capitalisation (m-cap) to beneath the Rs 1-trillion mark to Rs 89,537 crore on Friday, the BSE data affirmed. With this, Zomato has dropped out of the 50 most-esteemed recorded firms with regards to m-cap.
In the intraday trade on Friday, it hit a record low of Rs 112.55, down 10 per cent on the back of an over five-fold jump in trading volumes. A combined 66 million shares changed hands on the NSE and BSE.
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With the last four day’s decline, the stock price of Zomato has tanked 33 per cent from its 52-week high of Rs 169.10 hit on November 16, 2021.
the past one month, Zomato has underperformed the market, with a 14 per cent decline compared to a 5 per cent rise in the S&P BSE Sensex. In the last three months, the stock has declined 18 per cent against a 3 per cent fall in the benchmark index.
Rahul Sharma, co-owner, Equity 99, said: “Zomato’s fall comes days after Paytm crashing to its historic low. We see this as a good opportunity for long-term investors to add these counters at considerable discount as they might be reporting losses now but has huge growth potential considering their business models.”
