Amid the fall in Zomato shares, stock market investor Shankar Sharma said it reminded him of what Amitabh Bachchan said in the epic 1975 hit, “Deewar.”
“The Zomato action reminds me of what Amitabh Bachchan said in ‘Deewar’ upon hearing the news of dad’s death: ‘Mar to woh bees saal pehle gaya tha. Aaj to sirf ussey jalaya ja raha hai'” said Sharma in a tweet.
The stock market investor’s reaction came after Zomato plunged to new lows.
On Tuesday, it fell another 10.41% to trade at Rs 42.60.
Zomato stock had fallen 10% on Monday after the lockdown period expired.
Shares of Zomato fell to their lowest level on Monday since the launch of the IPO at Rs 76 per share, as the one-year lock-up period for investors considered insiders ended.
Zomato was down 11.28% at Rs 47.60 in afternoon trading. It hit a 52-week low of Rs 46. Its 52-week high was Rs 169.10.
The one-year lockdown for promoters, shareholders, employees and others considered insiders ended on Monday.
According to reports, Zomato’s total one-year paid-in capital is around 78% and market experts expected the shares to sell off this week.
Zomato’s stock reminds me of what Amitabh Bachchan said in Deewar upon hearing the news of Dad’s death: “Mar to woh bees saal pehle gaya tha. Aaj to sirf ussey jalaya ja raha hai”.
It was game over on the registration itself.
— Shankar Sharma (@1shankarsharma) July 26, 2022
Zomato’s IPO went public on July 23 last year and the one-year lock has expired.
Zomato’s previous close was Rs 53.65 and after morning selling pressure it is now down over 11%.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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