As Zomato shares plunge to a record low, investors share rueful memes

Zomato memes flooded Twitter this morning (Image credit: @brijthakkar005/Twitter)

Shares of Zomato plunged 14.3% to a record low as a one-year lock-in period for promoters, employees and other investors came to an end following a 2021 listing. The lock-in period of one year ended on July 23. Zomato stock traded at Rs 46.80, down 12.77 percent as of 9.30 am on the BSE. With this crash, Zomato’s market cap has also fallen below the last private valuation of $5.5 billion.

Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60 percent of their value since then, wiping off Rs 89,000 crore worth of investor wealth on a closing basis.

While tumbling Zomato shares had investors worried, meme-makers on Twitter had a field day. Zomato trended high all morning as Twitter users shared rueful memes on the Zomato crash. Take a look at some of the best Zomato memes:

My friend who was holding Zomato since IPO
Today after watching that It hits 52 week low again#Zomato pic.twitter.com/ASFypmnkNI

— Brij Thakkar (@brijthakkar005) July 25, 2022

Zomato stock price is less than the taxes they charge for a delivery. #Zomato pic.twitter.com/qwGf7bibEf

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— Vibhanshu mat Sharma (@vibhanshu101) July 25, 2022

#Zomato investors once the lock-in period ends : pic.twitter.com/EKAsazgmNR

— Tickertape (@TickertapeIN) July 25, 2022

Zomato #zomato investors to deepinder goyal @deepigoyal Sir : pic.twitter.com/GQSYUUdW95

— Bikash Kumar (@Bbb71943929) July 25, 2022

#stockmarketcrash
Once again #Zomato shares tumbles and hits 52 week low

Meanwhile Zomato Investors be like:- pic.twitter.com/NW7wN0cd4x

— Rakesh Arora (@Rakesh14_Arora) July 25, 2022

Zomato was one of the first unicorns to list last year. The food delivery giant listed a year ago with an issue price of Rs 76/share. Its stock price today is very close to what Aswath Damodaran, a finance professor at New York University, had pegged before the IPO – saying that the shares were worth around Rs 41.

(With inputs from Reuters)