On Friday, the scrip fell another 10 per cent to hit a fresh 52-week low of Rs 113.15. With this, the scrip also slipped below the listing price of Rs 115 on NSE. The stock has fallen nearly 17 per cent in four sessions. The stock’s market cap also fell below Rs 1 lakh crore during the crash.
The food delivery platform listed with much fanfare last year and never looked back, doubling in just a few days. But recent concerns over loss-making companies have dealt a blow to its prices. Shares of its new-age tech peers
, PB Fintech and have also been on a downward journey.
On Friday, Paytm was down about a per cent, falling for the 13th instance in the last 14 sessions. PB Fintech fell 4 per cent, while CarTrade was down half a per cent. Even , one of the few profitable e-commerce companies, was down over a per cent.
Despite these concerns, most analysts believe Zomato is a ‘buy’ candidate. The company exists in a duopoly and with the economy on a growth path again, analysts believe it has a large market to flex its muscles.
Zomato has a median price target of Rs 166 in 12 months by 17 analysts. The most bullish projection pegs the stock at Rs 220, while the most bearish believes it will slide down to Rs 90.
None of the analysts believe it is anywhere close to delivering a profit.
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