Zomato share price: The public offer of food service platform was listed on BSE and NSE on 23rd July 2021
Zomato share price is under heavy sell-off pressure as one year lock-in for near 78 per cent paid up capital of the food chain platform ends today
Zomato share price today tumbled by over 11 per cent in early morning deals as one year lock-in for promoters, shareholders, employees and other has ended today. The food chain platform's total paid up capital of the one year overhang is around 78 per cent and market experts were expecting Zomato shares to witness sell-off pressure this week. The public issue of Zomato Limited was listed on BSE and NSE on 23rd July 2021.
Zomato shares opened downside in early morning deals on Monday and went on to breach its life-time low of ₹50.05 apiece, later made another record low of ₹47.50 within few minutes of stock market's opening bell today.
Speaking on the reason for sell-off trigger in Zomato shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "Shares of Zomato were listed on Indian bourses on 23rd July 2021, which mean one year lock-in for promoters, company employees, founders of the company, etc. has ended today. As these shareholders constitute around 78 per cent of total paid up capital of Zomato Limited, shares of this food service under sell-off pressure in early morning session today."
Shares of Zomato were listed on BSE and NSE on 23rd July 2021 at a strong premium of more than 51 per cent. After bumper listing, Zomato shares went on to make its life-time high of ₹169 per share levels in November 2021 breaching ₹1 trillion market valuations during its post-listing rally.
“The stock is expected to remain bears' favourite sell on rise for short to medium term as the stock was offered at ₹76 per equity share in the primary markets around a year ago. So, after the end of one year lock-in for Zomato shareholders, who constitute around 78 per cent of total paid up capital of the company, would look to exit on every bounce in the stock, especially when it would come around its offered price of ₹76 apiece levels," said Avinash Gorakshkar, Head of Research at Profitmart Securities.
However, Zomato shares have been under sell-off heat after climbing to its life-time high and has been making new 52-week lows since the last few sessions
Check out latest deals and offers provided by our ideal stock company. To checkout click<<<<<<<Share market tips.
No comments:
Post a Comment