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It has been over a year since food-delivery start-up Zomato listed on the bourses, at a premium of over 50 percent to its IPO price of Rs 76. Since then though, the ride has been anything but smooth.

Amid lack of any fresh triggers, Zomato shares continue to trade well below their IPO price. The stock is down nearly 60 percent from its 52-week high of Rs 142.

Last month, equity research firm Jefferies said that it expected the Zomato stock to remain range-bound in the coming months as it walks the tightrope between growth and margin. Though, it maintained its ‘buy’ recommendation on the stock with a price target of Rs 100.

The stock has also seen significant equity exchanging hands in the past few months. On November 30, Singapore’s state-owned investment company Temasek picked up a 1.1 percent stake in the food delivery platform through its wholly-owned subsidiary Camas Investments Pte.

The sovereign wealth fund acquired 9.8 crore shares of the company worth more than Rs 607 crore at an average price of Rs 62 apiece. Post the transaction, Camas Investments Pte's stake in the company increased to 4 percent.

On the same day, Alipay Singapore, an arm of the Chinese e-commerce giant Alibaba sold stake in the company for Rs 1,631 crore through an open market transaction. Alipay offloaded as many as 26.28 crore shares, or 3.07 percent stake in Zomato, exchange data showed.

Earlier in August 2022, Uber had also exited from the company after selling its 7.8 percent stake. Others who have pared stake in the food-delivery service include Sequoia Capital India and Tiger Global Management.

Zomato has also seen a slew of high-profile exits recently. Last month, the company's co-founder Mohit Gupta resigned from his position after a four-and-a-half-year stint with the company. Before that, Rahul Ganjoo, Head of New Initiatives, and Siddharth Jhawar, vice-president for global growth, had also announced their exits in prior weeks.

According to recent Prosus data, Zomato may have achieved its highest ever market share during the first half of the calendar year 2022, while rival Swiggy lost some.

Shares of Zomato are trading 2 percent lower at Rs 62.85.