Zomato, which is one of the top food delivery applications in India, is currently suffering after shareholders saw the stock price of the company plunged to an all-time low. According to recent reports, the shares of Zomato have fallen more than 14 percent.
The food delivery service app made a strong debut on the stock market on July 23 last year but has seen a massive plunge in its share prices over the past few weeks, losing almost 60 percent of its original value as a company.
After a major dip of 14 percent in the share prices of Zomato, the stock price traded as low as Rs 48.80 when the market closed on July 25. This is when Twitter started to do what it does best – spark a memefest inspired by the misery of all shareholders of the company.
Here are some of the best memes posted by netizens who were in misery over the plunge of the Zomato share prices –
The biggest drop in the history of Zomato stock was recorded on Monday, July 25, when the market value of the company dropped from Rs 1.28 lakh crores to Rs 36,600 crores. This was the biggest intraday drop recorded in Zomato since January 24, 2022.
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The stock tanked 11.37 percent to settle at Rs 47.55 apiece on the BSE. During the day, it tumbled 14.25 percent to its all-time low of Rs 46. On the NSE, shares of the company ended at Rs 47.60 apiece, lower by 11.27 percent.
As per reports, Zomato’s total paid-up capital of the one-year overhang is around 78 percent and market experts were expecting Zomato shares to sell off this week. The Zomato IPO was listed on the stock exchanges on July 23 last year and the one-year lock-in has expired.
(With inputs from agencies)
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