Zomato stock price falls 3% today as poor market run continues. Should you buy or avoid?
Shares of food delivery giant Zomato extended their decline for the fourth consecutive session, falling over 3% in early trade on Wednesday. The stock hit an intraday low of Rs 244.25 after opening at Rs 251.50. By 11:45 am, shares were down 2.24%, trading at Rs 246.85.
Zomato’s shares had already fallen nearly 5% in the previous session, contributing to an 11% drop over the past five trading days. Over the last month, the stock has lost more than 16% of its value.
WHY IS ZOMATO’S SHARE PRICE FALLING?
The ongoing slide in Zomato’s stock was triggered by a downgrade from foreign brokerage Jefferies, which changed its rating from “buy” to “hold.” The brokerage also slashed its target price by 18% to Rs 275, down from Rs 335,…
