{"id":1569990,"date":"2022-07-25T13:24:19","date_gmt":"2022-07-25T17:24:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1569990"},"modified":"2022-07-25T13:24:28","modified_gmt":"2022-07-25T17:24:28","slug":"indias-zomato-plunges-to-record-low-as-share-lock-in-period-ends","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/indias-zomato-plunges-to-record-low-as-share-lock-in-period-ends\/","title":{"rendered":"India\u2019s Zomato plunges to record low as share lock-in period ends"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Findias-zomato-plunges-to-record-low-as-share-lock-in-period-ends%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1569990&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BENGALURU (Reuters) -Shares of Indian food delivery company Zomato fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors expired following the 2021 listing.<\/p>\n<p>Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60% of their value since then on concerns about valuations and as global growth stocks cratered.<\/p>\n<p>\u201cInvestors are concerned about the sell-off through employees and promoters,\u201d said Prashanth Tapse, vice president of research at Mehta Equities.<\/p>\n<p>Investors are also not comfortable with the acquisition of Blinkit, he said, adding that the fundamentals of the company were still good.<\/p>\n<p>Including Monday\u2019s losses, Zomato shares have lost nearly 30% since the company announced its deal to buy local grocery delivery startup Blinkit in June.<\/p>\n<p>On Monday, the stock posted its biggest intraday percentage drop since Jan. 24 in heavy-volume trade of 2.7 times the 30-day average. <\/p>\n<p>The company now has a market value of 366 billion rupees ($4.58 billion), compared with 1.29 trillion rupees at its all-time high in November.<\/p>\n<p>Analysts say Zomato needs to pump more money into Blinkit as the quick-commerce sector grows at a rapid clip, with rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto making big investments.<\/p>\n<p>Zomato is scheduled to report its first-quarter results on Aug. 1. The company had reported a 75% jump in fourth-quarter revenue in May, while gross order value \u2013 or the total value of all food delivery orders on its online platform \u2013 surged 77% year-on-year to a record high.<\/p>\n<p>On Friday, Reuters reported that Domino\u2019s Pizza\u2019s India franchise will consider taking some of its business away from Zomato and Swiggy if their commissions rise further.<\/p>\n<p>($1 = 79.8450 Indian rupees)<\/p>\n<p> (Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2730307\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6O05R-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6O05R-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BENGALURU (Reuters) -Shares of Indian food delivery company Zomato fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1569990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1569990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1569990"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1569990\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1569990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1569990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1569990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}