Zomato, an India-based food delivery and discovery platform, saw its share value dip over 14% after the expiration of its pre-IPO investor lock-in period.
Photo credit: Piotr Trojanowski
Crashing on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) this morning, Zomato’s stock market value slipped 14.26% to 46.8 rupees (US$0.58) per share. Today, 24.8 million shares were exchanged on the BSE, with 145.2 million shares trading hands on the NSE.
The market capitalization of the food platform reached 377.5 billion rupees (US$4.7 billion) – a steep drop from the 1 trillion rupees (US$12.5 billion) it was valued at when it went public. On opening day, its shares had traded at 115 rupees (US$1.44) apiece.
Zomato’s stock has fallen 73% since its peak.
This is not the first big dip Zomato has encountered this year – when it acquired a 9% stake in quick-commerce startup Blinkit, US$1 billion was wiped off of its valuation.
See also: Paytm IPO: 8 key points about India’s largest stock market debut
Currency converted from Indian rupees to US dollars: US$1 = 79.78 rupees
Editing by Miguel Cordon and Arpit Nayak
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