Shares of Zomato plunge more than 14% to record low as IPO Lock-Up period expires

The equity shares of India's online food-delivery and restaurant platform Zomato plunged today's trading after the lock-up period for investors that had stakes in the company prior to its initial public offering (IPO) ended.

The stock price dropped more than 14% to a record low of Rs. 46. It has recorded trades for 11,71,64,016 shares on NSE.

The stock opened the day at Rs. 52.50 which is the intraday high as well and hit an intraday low of Rs. 46. The stock was last trading at Rs. 47.65, down by Rs. 6 or 11.18%

Zomato raised close to $1.3 billion through IPO last July which was supported by investors including Morgan Stanley and Fidelity Investments. China’s Ant Group Co. was one of the early investor in the company, having initially invested in 2018.

Shares of Zomato Ltd was last trading in BSE at Rs. 53.65 on Friday - July 22, 2022.

Source : Equity Bulls

Keywords

Zomat FoodDelivery Restaurant Platform LockUpPeriod Expires