Zomato shares fall over 11%; hit record low

Shares of online food delivery platform Zomato on Monday tumbled over 11 per cent and hit its all-time low in intra-day trade.

Zomato Ltd fell to its all-time low on Monday post the ending of the mandatory pre-IPO (Initial Public Offering) shareholders lock-in period on July 23, said Punit Patni, Equity Research Analyst at Swastika Investmart Ltd.

“It is generally seen that events like these lead to a glut of supply of shares in the equity markets thus creating pressure on its market price,” he added.

The stock tanked 11.37 per cent to settle at Rs 47.55 apiece on the BSE. During the day, it tumbled 14.25 per cent to its all-time low of Rs 46.