Shares of food delivery platform Zomato hit a new low for the second consecutive day on Tuesday, 26 July, after slipping more than 10 percent.
This comes after the one-year freeze on all its pre-IPO (initial public offering) shareholding came to an end.
The shares of the company decreased to an all-time low of Rs 41.40 on Tuesday, down by 13 percent, on the BSE.
In the last two days, the stocks had fallen by 23 percent from Rs 53.65 on Friday, as per Business Standard.
After the recent slumps, Zomato has been trading at 46 percent lower than its issue price (Rs 76/share). The company had listed its shares on 23 July, 2021.
It had touched a record high of Rs 169.10 on 16 November 2021.
Meanwhile, those who invested in Zomato have lost more than Rs 1 trillion amid the sharp decline from its all-time high price.
Further, the market capitalisation of the company eroded by Rs 1.01 trillion to Rs 32,488 in intra-day trading on Tuesday.
As of 1:52 pm, the shares were down by 12 percent to Rs 41.90. Comparatively, in the S&P BSE Sensex, it saw a fall by 0.63 percent.
Zomato's market cap was at Rs 32,991 crore, as per BSE data.
Further, concerns regarding the profits of the company deepened with the acquisition of Blinkit, which, experts say, will dampen its profitability further.
Analysts at Jefferies suggest that long-term investors should purchase the stock and maintain a price target of Rs 100, as per Business Standard.
(With inputs from Business Standard.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)