shares of zomato The decline continued to extend as it fell more than 6% to . fell to an all-time low of 75 on BSE in Tuesday’s deals, below the issue price of IPO 76. The stock is down nearly 18% in the last five trading sessions, while it has lost more than 41% in a month, following the recent global selloff in new-age tech stocks.
“Weakness in Zomato shares may continue further and it may go around 65 to 70 levels. With the opening of unlock activities, the stock is expected to rise. Therefore, those who have a long-term outlook are advised to start accumulating around 65 to 70 and keep it for the next 2-3 years. once upon a time, it comes up 100, we can expect a sharp jump in the shares after this breakout.”
“Zomato shares still looking weak on chart pattern, but has strong support 70 levels. Anyone can buy this scrip around 70, maintaining stop loss with a short term target of 58 60,” said Anuj Gupta, Vice President, IIFL Securities.
Last week, Zomato’s Q3 loss narrowed, helped by one-time gains, while rising demand for restaurant food led to a jump in revenue. Food delivery platform reported consolidated net loss of 67 crore, increased by a lump sum profit of 315.8 crore from stake sale in sports platform Fitso.
The company’s consolidated revenue from operations during October-December 2021 was 1,112 crore as against 609 crore in the year-ago period. Its Gross Order Value (GOV) grew by 84.5% YoY and 1.7% QoQ 5,500 crores.
The food-delivery platform made its stock market debut in July 2021. Initial Public Offering (IPO) with price band 72-76 was open from 14 July to 16 July 2021.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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