Harsh Goenka’s latest swipe at Zomato as shares fall to record low

Zomato shares fell to a record low on Monday as the one-year lock-in period for pre-IPO investors came to an end. RPG Enterprises Chairman Harsh Goenka joined the trolling against Zomato with a funny video - his latest swipe at the food delivery giant.

Goenka shared a video which shows a group of people standing on an open-roof vehicle. The people appear to be excited at first, waving happily for the camera as their vehicle slowly enters a small water body. Their joy turns to apprehension as their vehicle begins to sink in water. The video ends with the group falling into the water and wading out, safe but presumably not amused by the turn of events.

Harsh Goenka shared the footage with a simple caption that spoke volumes. “Zomato investors,” he wrote.

Zomato investors …pic.twitter.com/UM9LnBQvFw

— Harsh Goenka (@hvgoenka) July 26, 2022

The food delivery company had made a spectacular entry on Dalal Street on July 23 last year. It issued shares at Rs 76 in the IPO. On Monday, Zomato stock traded at Rs 46.80 - very close to the valuation Aswath Damodaran, a finance professor at New York University had pegged ahead of Zomato's IPO. He had said the shares were worth just Rs 41.

This is not the first jibe that the chairman of RPG Enterprises has taken at Zomato. Last year, he took a dig at Zomato’s IPO success, criticising the company’s high valuation.

"My newest corporate venture: I am starting a Swiggy/Zomato like app. I will provide food at 40% discount with a loss of only Rs 3000 cr. If you think the loss is less, I will give 60% discount. I will then list it at Rs 1 lakh cr. Looking for suckers to invest!" Goenka wrote on Twitter at the time.