Zomato stock continued to be under pressure on Monday, falling another 10% to below 100 on the Bombay Stock Exchange (BSE). This is the lowest point for Zomato since its launch in July of last year.
In the last five trading sessions, the stock has lost more than 25% of its value. However, since its IPO issue price of 76, it has gained more than 34%. Paytm was also down nearly 4% at 924 rupees. It has lost nearly 57% of its value since its issuance price of $2,150.
Meanwhile, the Sensex fell almost 200 points in early trade on Monday, mirroring losses in index heavyweights Wipro, Bajaj Finserv, and Infosys amid a mostly unfavourable global market trend.
ICICI Bank gained up to 1.5 percent after the country’s second-largest private-sector lender surpassed profit forecasts thanks to strong loan growth and fewer bad loan charges.
Furthermore, traders stated that unabated foreign fund outflows put pressure on domestic markets. Axis Bank and HDFC Asset Management are among the corporations whose earnings releases are being watched by investors.
In early trade, the Sensex was down 233.53 points, or 0.40 percent, at 58,803.65. Similarly, the Nifty dropped 73.70 points (0.42%) to 17,543.45.
The 30-share index fell 427.44 points, or 0.72 percent, to 59,037.18 in the previous session. The Nifty 50 index fell 139.85 points, or 0.79 percent, to 17,617.15.
In mid-session trades, Asian bourses in Hong Kong, Seoul, and Tokyo were trading with losses, while Shanghai was trading with gains.
Meanwhile, Brent crude, the international benchmark for oil, increased 0.92 percent to USD 88.70 per barrel.
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