Amid the plunge in Zomato shares, stock market investor Shankar Sharma has said that it reminds him of what Amitabh Bachchan said in the epic 1975 hit, ‘Deewar’.
“Zomato stock reminds me of what Amitabh Bachchan said in ‘Deewar’ on hearing news of dad’s death: ‘Mar to woh bees saal pehle gaya tha. Aaj to sirf ussey jalaya ja raha hai’. It was game over on listing itself,” Sharma said in a tweet.
The stock market investor’s reaction came after Zomato is plunging to new lows.
On Tuesday, it fell another 10.41 per cent to trade at Rs 42.60.
The Zomato stock had fallen 10 per cent plunge on Monday after expiry of lock in period.
Zomato shares fell to their lowest levels on Monday since the IPO was launched at Rs 76 per share as the one year lock in period for investors considered insiders has ended.
Zomato was down 11.28 per cent at Rs 47.60 in afternoon trade. It hit a 52 week low of Rs 46. Its peak price in 52 weeks was Rs 169.10.
The one year lock-in for promoters, shareholders, employees and others considered as insiders ended on Monday.
As per reports, Zomato’s total paid up capital of the one year overhang is around 78 per cent and market experts were expecting the shares to sell-off this week.
The Zomato IPO was listed on the stock exchanges on July 23 last year and the one year lock in has expired.
Zomato’s previous close was Rs 53.65 and after selling pressure in the morning is now down by more than 11 per cent.