Food delivery platform Zomato stock down below its listing price of Rs.115. On Friday, the shares of Zomato were down by another 10% to hit a new 52-week low of Rs.113.15. However, at the end of the trade the stock closed at Rs. 113.65.
The scrip has lost nearly 17% in last 4 trading sessions. As a result, its Market Cap also went below Rs. 1 lakh crore. The down ward movement is not limited to Zomato only. Its new-age tech peers like PB Fintech, Paytm, and CarTrade also have similar story. On Friday, profitable e-commerce company Nykaa also fell by over 1%. The correction trend in markets impacted these e-commerce and new-age tech companies badly.
Most of them came for IPO in recent times. Paytm has also been on a losing streak. In last 14 sessions, it was down in 13 sessions including Friday. It already lost more than 50% of its market cap.
Editor, Tax Concept. I have written on market, finance, management, and technology.