Zomato plummets 14%, hits record low after lock-in for 613 crore shares ends

New Delhi, July 25: Shares of new-age food aggregator company Zomato slumped thick and fast on Monday morning as the one-year mandatory lock-in period for promoters, shareholders, and others ended.

The lock-in period refers to that period for which investments cannot be sold or redeemed.
The share was trading at Rs. 47.70 at the time market closed, down 11.9 per cent from the previous close. Its intraday low was Rs 46.

Listed on July 23, 2021, the food aggregator’s initial public offering was a success as it was subscribed 38.25 times. It made a stellar debut at a premium of 53 per cent. At present, the share price of Zomato is, however, around 70 per cent from its peak of Rs 169.

Even though the company reported healthy gains on its listings on the stock exchanges in July last year, it could not capitalize on it further.