Zomato has not been having a very good time since the start of this week with it seeing a record low slump of its stock price, by almost 22% in the last two days. This has as per reports wiped away almost Rs. 9,000 crores worth of investor wealth.

According to reports, this seems to be because of the end of the lock-in period that existed till 25th July 2022. As soon as that ended the stock exchanges witnessed a huge volume of trade and Zomato shares went down by almost 10% at that time.

As per a Business Insider report “As many as 613 crore shares which were locked in since the initial public offering (IPO) in July 2021, which can now be traded freely.”

This sort of seems to be common for Zomato as even when in August last year their investor lock-in period had ended the company shares saw a slump of 8%.

In the midst of all this, Ashneer Grover jumped on the topic and gave his two cents on how Zomato could have saved itself this fate.

What Did Ashneer Grover Say?

On 26th July 2022 he tweeted that “On the stock market- @letsblinkit served piping hot misery to @zomato in 10 minutes ! Yeh hi agar @Swiggy ko merge kar liya hota to ₹450 ka stock hota !!”.

Read More: Zomato To Become A FinTech Player Now?

Zomato had seen stock market fluctuation by a lot when it had acquired Blinkit the grocery delivery app that was formerly known as Grofers. The interesting part is that Grover himself had founded the company back in 2015.

Grover seems to be commenting on how Zomato would have seen a bigger profit by merging with Swiggy instead of Blinkit and that instead of the current Rs. 43.35 stock price it would have been valued at Rs. 450.

It could also be a hit back at his old company BharatPe from where Grover had resigned in March and eventually his wife Madhuri Jain Grover was also removed from her position.

Grover and his allies are often seen hitting against BharatPe and its associations on social media, stirring the already controversial pot even more.

As for Zomato, it certainly seems to be a very turbulent time for the company, with the lock-in period over, the stock market not being very friendly to them and more.

Image Credits: Google Images

Feature Image designed by Saudamini Seth

Sources: Hindustan Times, Business Insider, Moneycontrol

Find the blogger: @chirali_08

This post is tagged under: Ashneer Grover Zomato, Ashneer Grover, Zomato, Zomato share, Zomato share price, Zomato delivery app, Zomato news, Zomato share news, Zomato share price ipo, Zomato stock market, Zomato stock market slump, Zomato stock loss, Zomato loss

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