Zomato breaks record, market cap drops below Rs 1 trillion

Zomato breaks record, market cap drops below Rs 1 trillion

The stock of the meals supply big traded decrease for the fourth straight day, shedding 16 per cent throughout the interval.

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.

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.”

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