By Yoosef KP
Zomato shares slipped below their listing price for the first time since the July listing, as the counter has been witnessing selling pressure for the last few sessions. The food delivery platform’s stock dropped another 9.2% on Friday to close at Rs 113.75 on the BSE. Yet, the stock is trading about 50% higher than the offer price.
Trading volume at Zomato’s counter quadrupled to 6.6 crore on Friday against the 10-day average volumes clocked on the BSE and NSE. The stock has been slipping for the last four sessions, correcting over 15% during the same period. The drop in shares also pulled its market cap down to Rs 89,537.06 crore after hitting as high of Rs 1.26 lakh crore in November last year.
The company continues to make losses even after its secondary market debut. It reported losses of Rs 785.80 crore for first half of FY22 against the full year FY21 loss of Rs 812.82 crore.