<p>Shares of Indian food delivery company Zomato fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors expired following the 2021 listing.</p>.<p>Zomato made a stellar debut on July 23, 2021, in the Mumbai market, but its shares have lost more than 60% of their value since then on concerns about valuations and as global growth stocks cratered.</p>.<p>"Investors are concerned about the sell-off through employees and promoters," said Prashanth Tapse, vice president of research at Mehta Equities.</p>.<p>Investors are also not comfortable with the acquisition of Blinkit, he said, adding that the fundamentals of the company were still good.</p>.<p>Including Monday's losses, Zomato shares have lost nearly 30% since the company announced its deal to buy local grocery delivery startup Blinkit in June.</p>.<p>On Monday, the stock posted its biggest intraday percentage drop since Jan. 24 in heavy-volume trade of 2.7 times the 30-day average.</p>.<p>The company now has a market value of 366 billion rupees ($4.58 billion), compared with 1.29 trillion rupees at its all-time high in November.</p>.<p>Analysts say Zomato needs to pump more money into Blinkit as the quick-commerce sector grows at a rapid clip, with rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto making big investments.</p>.<p>Zomato is scheduled to report its first-quarter results on Aug. 1. The company had reported a 75% jump in fourth-quarter revenue in May, while gross order value - or the total value of all food delivery orders on its online platform - surged 77% year-on-year to a record high.</p>.<p>On Friday, Reuters reported that Domino's Pizza's India franchise will consider taking some of its business away from Zomato and Swiggy if their commissions rise further. ($1 = 79.8450 Indian rupees) </p>
<p>Shares of Indian food delivery company Zomato fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors expired following the 2021 listing.</p>.<p>Zomato made a stellar debut on July 23, 2021, in the Mumbai market, but its shares have lost more than 60% of their value since then on concerns about valuations and as global growth stocks cratered.</p>.<p>"Investors are concerned about the sell-off through employees and promoters," said Prashanth Tapse, vice president of research at Mehta Equities.</p>.<p>Investors are also not comfortable with the acquisition of Blinkit, he said, adding that the fundamentals of the company were still good.</p>.<p>Including Monday's losses, Zomato shares have lost nearly 30% since the company announced its deal to buy local grocery delivery startup Blinkit in June.</p>.<p>On Monday, the stock posted its biggest intraday percentage drop since Jan. 24 in heavy-volume trade of 2.7 times the 30-day average.</p>.<p>The company now has a market value of 366 billion rupees ($4.58 billion), compared with 1.29 trillion rupees at its all-time high in November.</p>.<p>Analysts say Zomato needs to pump more money into Blinkit as the quick-commerce sector grows at a rapid clip, with rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto making big investments.</p>.<p>Zomato is scheduled to report its first-quarter results on Aug. 1. The company had reported a 75% jump in fourth-quarter revenue in May, while gross order value - or the total value of all food delivery orders on its online platform - surged 77% year-on-year to a record high.</p>.<p>On Friday, Reuters reported that Domino's Pizza's India franchise will consider taking some of its business away from Zomato and Swiggy if their commissions rise further. ($1 = 79.8450 Indian rupees) </p>