New age tech stocks Zomato and Paytm continued to remain under pressure today, hitting their respective lows since listing.
Zomato slumped over 18% in Monday’s early deals to ₹92 apiece on the BSE. On the other hand, Paytm shares were trading nearly 4% lower at ₹924 apiece.
The food delivery platform Zomato got listed in July 2021 and is up more than 30% from its IPO issue price of ₹76. Meanwhile, Paytm is down over 57% from its issue price of ₹2,150.
“The trend in global stock markets has turned distinctly bearish. Last week S&P 500 and Nasdaq closed 8% and 15% below their all time highs. The sell-off in tech stocks has been brutal last week.
European stocks too turned bearish. An important feature of the tech sell-off is that bulk of the selling is happening in non-profitable tech stocks.
Sensex tumbles 1,050 points; Nifty slips below 17,300 mark
This trend is impacting stocks like Zomato and Paytm in India too,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Meanwhile memers have done their job. They are here with the latest funny memes on the Indian Stock Market today’s situation.
Enjoy some quick-witted belly laugh memes with us!
#stockmarkets reality. pic.twitter.com/j3rELM7ZRm
— l₹ishu kumar (@RISHUKUMAR_ROY) January 24, 2022
The lesson for new investors from 2020-21. 😛 #stockmarkets #stocks #trading #nifty50 pic.twitter.com/rzqTHOl6fP
— Vimal Chhadva (@vimsicle) January 24, 2022
Indian #stockmarkets today… pic.twitter.com/wO9Rr2jxYT
— सख्याहरी (@sakhyahari) January 24, 2022
#stockmarkets #BSE
Zomato shares fall to lowest level since listing in July; Paytm down 57%#Zomato investors right now be like:- pic.twitter.com/4uXcjdFPNB— Devyani Kohli (@DevyaniKohli1) January 24, 2022
#Zomato trying to beat tomato 🤣🤣 #stockmarkets
— Jasmeer Kumar (@jasmeer_kumar) January 24, 2022
