Zomato's stock price fell to a record low, here's what the investors and experts commented
ETtech|
1/6
Zomato at record low
Zomato's price slumped further on Tuesday, amid heavy selling after the mandatory lock in for the pre-IPO shareholders ended on Saturday, July 23, 2022, on completion of one year of its listing. The stock has lost more than 20% in the last two sessions and it hit fresh record lows for the straight second session as the selling pressure continued in the counter.
ETtech
2/6
Jefferies
Well, though shares of food delivery platform Zomato continued to bleed on Tuesday, brokerage firm Jefferies remains bullish on the counter as it believes that management has accelerated its journey towards better unit economics.
ETtech
3/6
Deepak Shenoy
Deepak Shenoy told ET: "We used to own Zomato. We do not own it anymore. So one of the things that is a problem that we have identified last year at the IPO level itself is that Zomato does not have a promoter in the sense that nobody who currently owns the stock is classified as a promoter."
ETtech
4/6
Shankar Sharma
Zomato's stock reminded market veteran Shankar Sharma of Amitabh's Bachchan dialogue in the Bollywood flick 'Deewaar' when the actor hears the news of his father's demise.
ETtech
5/6
Karan Taurani of Elara Securities
Karan Taurani of Elara Securities says Zomato has always had this overhang that whenever the lock-in period expiry happens, we will see a selloff by a lot of the PE investors who would have bought this stock at very low valuations.
ETtech
6/6
Ashneer Grover
Ashneer Grover, founder and former MD of BharatPe, taking a dig on Twitter said the shares of Zomato would have risen to Rs 450 if it had merged with Swiggy instead of Blinkit.
