The share price of Zomato dropped below Rs 100 for the first time since it listed in July 2021, falling more than 10 per cent in the morning trade on Monday. In what could perhaps be a sheer coincidence (or not), the food delivery platform took to Instagram on the day of the markets bloodbath.
Zomato posted a Reels clip with a viral dialogue from Allu Arjun-starrer Telugu hit, “Pushpa” with a cartoon clip of a young man having fiery pani puri from a vendor.
“Pushpa, I love tears,” Zomato said in the caption, a spin-off Rajesh Khanna’s iconic dialogue from “Amar Prem”.
“Zomato stocks correcting itself. But apun royega nhi, jhukega nhi (but I won’t cry or bend),” a user commented.
“Zomato trading at 93, abhi to or jhukega,” another person said in the comments section.
The fifth straight session of losses has seen Zomato slip 25 per cent during the period, wiping out around Rs 26,000 crore of investor wealth.
The stock hit a new low of Rs 99.10 on the Bombay Stock Exchange (BSE), down 12.80 percent intraday. At 10 am, the scrip was trading at Rs 99.20 on BSE, down 12.7 percent from its previous close.
Recent reports suggesting the Federal Reserve rolling back liquidity amid higher inflation and indicating multiple interest rate hikes this year have weakened the case for investment in richly priced technology stocks with no near-term visibility on profitability.
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