Zomato’s stock hit a new low of Rs 75.75 on BSE which is below its IPO issue price of Rs 76. The selling has persisted despite the company narrowing its losses drastically in the December quarter
Zomato’s shares hit their lowest point ever on Tuesday as selling in loss-making internet companies continued. The market, in general, rebounded from a bloodbath witnessed on Monday.
Zomato’s stock hit a new low of Rs 75.75 on BSE which is below its IPO issue price of Rs 76. The selling has persisted despite the company narrowing its losses drastically in the December quarter. It also hinted that it was very close to achieving Ebitda breakeven.
Analysts, however, continue to stay positive on Zomato’s stock. It has a median price target of Rs 143 in 12 months.