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Amid the dip in Zomato shares, stock market investor and expert Shankar Sharma has said that it helps him to remember what Amitabh Bachchan said in the legendary 1975 hit, ‘Deewar’.
“Zomato stock reminds me of what Amitabh Bachchan said in ‘Deewar’ on hearing news of dad’s death: ‘Mar to woh bees saal pehle gaya tha. Aaj to sirf ussey jalaya ja raha hai’. It was game over on listing itself,” Sharma said in a tweet.
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The stock market investor’s reaction came after Zomato is plunging to new lows.
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On Tuesday, it fell another 10.41 percent to exchange at Rs 42.60. The Indian multinational restaurant aggregator and food delivery company Zomato lost approx 1000 crore of investors’ wealth due to stock fluctuation yesterday’s market opening.
The Zomato stock had fallen 10% dive on Monday after the expiry of the lock-in period.
Zomato shares tumbled to their most reduced levels on Monday since the IPO was sent off at Rs 76 for every offer as the one-year secure-in period for financial backers considered insiders has finished.
Zomato was down 11.28 percent at Rs 47.60 in the evening exchange. It hit a multi-week low of Rs 46. Its pinnacle cost in 52 weeks was Rs 169.10.
The one-year secure for advertisers, investors, representatives, and others considered insiders ended on Monday.
According to reports, Zomato’s all-out settled-up capital of the one-year overhang is around 78%, and market specialists were anticipating that the shares to sell-off this week.
The Zomato IPO was recorded on the stock trades on July 23 last year and the one-year secure has terminated.
Zomato’s past close was Rs 53.65, and in the wake of selling tension toward the beginning of the day is presently somewhere around more than 11%.
(inputs from IANS)
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