As Zomato, Nykaa, MapMyIndia tank up to 20% BSE IPO index plunges 8%
Published On: Monday, January 24, 2022 | By: Team KnowMyStock
As the recently listed stocks were hammered today(24 January 2022) amid a heavy sell-off in the markets the S&P BSE IPO index plunged 8 percent. The stock markets were under selling pressure for the fifth straight trading session owing to weak global cues on rising concerns about inflationary pressures, surging coronavirus cases, and prospects of interest rate hikes. Zomato, FSN E-Commerce Ventures (Nykaa), C E Info Systems (MapmyIndia), and PB Fintech, the parent company of Policybazaar were down up to 20 percent in intra-day trade so far. All these stocks hit their respective all-time lows since their listing on the stock market. Latent View Analytics, Go Fashion (India), Chemplast Sanmar, Macrotech Developers (Lodha), CMS Info Systems, Sona BLW Precision Forgings and Devyani International slipped between 8 per cent and 10 per cent on the BSE.
With the last two day’s decline, the stock price of Zomato tanked 45 per cent from its 52-week high of Rs 169.10 hit on November 16, 2021. Zomato had raised Rs 9,375 crore through initial public offer (IPO) by issuing shares at price of Rs 76 per share.
Zomato is the leader in India’s nascent online food delivery business with a massive growth playfield. In July-September quarter (Q2FY22), the company’s adjusted Ebitda loss increased to Rs 310 crore as compared to Rs 170 crore in previous quarter (Q1FY22) and Rs 70 crore in Q2FY21 last year. Adjusted revenue grew 22.6 per cent quarter-on-quarter at Rs 1,420 crore.
JP Morgan in its report dated December 8, 2021 said that its data-driven analysis of 32K restaurants across leading Food Techs across India’s largest food delivery cities suggests Zomato’s network density, exclusivity and unit economics are weaker than Swiggy in the top 3 cities, and overall GMV/economics dependent on tail cities.
Shares of FSN E-Commerce Ventures (Nykaa) hit a new low of Rs 1,715, down 14 per cent, falling as much as 16 per cent in past two trading sessions on the BSE. The stock of fashion and cosmetics online retailer has dropped below its previous low of Rs 1,886 touched on December 20, 2021.
With the past two days decline, the stock price of Nykaa has shed 33 per cent from its record high of Rs 2,574 touched on November 26, 2021. The company issued shares at price of Rs 1,125 per share in its initial public offer (IPO). The stock had made a stock market debut on November 10, 2021.
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