Zomato in deep trouble?
Zomato Falling? Falling price of shares of Zomato (Pic-of the fall) 23 July 2021, pandemic is going on, the whole country is scared, there is an atmosphere of fear everywhere. In the meantime a huge IPO is announced. Zomato - IPO worth 9367 crore rupees at a valuation of 1 lakh crore rupees. When this IPO came, this is what Rakesh Jhunjhunwala said , "1 lakh became 40000 in Zomato, but you will get after 5 years. Do not sell now, otherwise there will be loss". And he was right. Today it is not even 2 years and today the same stock which was trading at 116 rupees at the time of listing, today, it has come around 50 rupees. And within no time, 64% loss. The valuation of $12 billions has dropped to $5.7 billions. Is Zomato about to go bankrupt? Is Zomato about to go bankrupt? Or is there something going on with the company which most of the people don't know! March 2022, when this financial year closed, Zomato had doubled its revenue, 4192