INSUBCONTINENT EXCLUSIVE:
Zomato cracked as much as 19.38 per cent to hit its all-time low of Rs 91.70.New Delhi:
Shares of Zomato, Paytm
parent One 97 Communications Ltd and Nykaa owner FSN E-Commerce Venture have fallen to their lowest levels since listing
Except for Paytm, both Zomato and Nykaa stocks registered massive gains despite posting weak quarterly numbers after strong listings
Paytm made a tepid debut at the exchanges and has plunged more than 58 per cent from its issue price of Rs 2,150
Shares of online food delivery platform Zomato cracked as much as 19.38 per cent to hit its all-time low of Rs 91.70
The stock got listed at Rs 116, a premium of Rs 53 per cent compared to the issue price of Rs 76.Zomato's net loss widened to Rs 429.6 crore
during the September quarter, mainly on investments in the growth of its food delivery business.Cosmetics-to-fashion retailer Nykaa dives
12.66 per cent to hit a record low of Rs 1,740.05
It made a stellar debut and got listed at Rs 2,001, up 79 per cent from its issue price of Rs 1,125 per share.Today, Paytm fell as much as
6.14 per cent to hit an intraday low -- which is also its lifetime low -- of Rs 901.Paytm has been sliding after announcing the closure of
its Canada B2C (business-to-consumer) app from March 14."Since their listing, these companies (Zomato, Paytm and Nykaa) have been
over-valued, which was obvious as compared with their profits
Listing essentially benefitted the early investors who sold out at the IPO (initial public opening) time," Independent Banking Analyst
Hemindra Hazari told TheIndianSubcontinent.Also, PB Fintech Ltd, the owner of Policybazaar and Paisabazaar, slipped as much as 11.39 per
cent to hit an intraday low of Rs 766.A massive sell-off in the technology stocks has also spooked investor sentiment.Start-ups and
technology companies are witnessing tremendous selling pressure.Meanwhile, the benchmark BSE Sensex and broader NSE Nifty were trading more
than 2 per cent lower, respectively, in the afternoon deals.
