Zomato leads the fall in new-age stocks

Zomato leads the fall in new-age stocks

The Zomato stock has lost more than Rs 1 trillion in market capitalisation since it hit a peak of Rs 169.10 on November 16, 2021, with the shares plunging to Rs 41.65 apiece on Tuesday. In just two sessions, the food delivery player, which listed on the bourse on July 23, 2021, has given up close to Rs 9,450 crore in value. With the lock-in period for anchor investors lifted, the Zomato stock had plunged 11.4% on Monday. The price of the shares in the initial public offering (IPO) was Rs 76 per share.

The weakness in the Zomato counter rubbed off onto other new-age tech company (NATC) stocks. A clutch of eight stocks has lost Rs 18,000 crore in value over the last two sessions with Paytm losing Rs 2,832 crore in value and Delhivery losing Rs 3,387 crore. Nykaa was the sole gainer.