Zomato shares continued their fall, plunging 14 percent on Wednesday, as the lock-in period for pre-IPO investors ended a few days ago. Immense selling pressure led to the shares touching a new 52-week low of Rs 40.60.
NSE
While the shares sharply rebounded by 4.20 percent over the previous day’s close (at the time of writing), the stock is still at a discount of 65.56 percent compared to its closing price on the day of market debut.
As nearly two-third of the price eroded, investors, traders and analysts took to social media platforms to share memes.
“This is how Zomato giving discount to their investors too,” said one Twitter user who shared the technical charts.
This is how #Zomato giving discount to their investors too