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Zomato hits new record low, slips below IPO issue price

By Ruchi Upadhyay 
Updated Date

NEW DELHI: Shares of Zomato hit the lowest point ever on Tuesday amid continued selling in loss-making internet companies even as the wider market recovered from frantic selling a day prior.

Also Read :- Maharashtra: Zomato delivery man arrested for molesting 19-year-old girl in Pune

The stock hit a new low of Rs 75.75 on BSE and slipped below the IPO issue price of Rs 76. The stock had turned into a multibagger before the selling began but now it has wiped out all of its gains in the last three months.

The selling has persisted despite the company narrowing its losses drastically in the December quarter. The food delivery firm also hinted it was very close to achieving Ebitda breakeven. But none of the rhetoric could help its shares, which are now less than half its peak.

Analysts, though, continue to be gung-ho on the stock. A consensus recommendation of 19 analysts is ‘buy’, Refinitive database showed. Eight of them have a ‘strong buy’ rating while seven say ‘buy’. Only three analysts are bearish on the counter, while one says ‘hold’.

Zomato has a median price target of Rs 143 in 12 months. The highest pegs it at Rs 220 and the lowest at Rs 75.

Also Read :- Food delivery apps Zomato, Swiggy see brief nationwide outage during peak lunch hours

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