Zomato's market cap falls below its last private valuation
Zomato Ltd sank to a new low as it closed at Rs 52.45 on BSE, down 7.6 percent from the previous day, pushing the stock more than 30 percent down from the issue price of Rs 76. The food delivery platform is trading below its last private valuation of $5.4 billion in early 2021.
The revenue is expected to be at Rs 1,256 crore, while the loss for the March quarter will be at Rs 372 crore. The share hit a record high of Rs 169.10 on BSE last year but has since tanked more than 70 percent, with investors losing nearly Rs 1 trillion in market value.
The drop in the loss-making firm Zomato’s market cap may hurt the retail investors’ appetite for upcoming Indian IPOs of insurance firm LIC and delivery firm Delhivery. The market condition may also impact the timing of listings from several other Indian tech companies including budget hotel chain Oyo and financial services firm MobiKwik.
The first Indian consumer tech startup to go public last year, Zomato isn't the only firm from the country that is performing poorly on the stock exchanges. Paytm's market cap has dropped to $4.5 billion, down from $16 billion in a round from late 2019 and well below the $19 billion valuation at which it listed.
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