Zomato, Policybazaar, Info Edge down up to 9%; hit 52-week lows

Zomato (down 6 per cent to Rs 57.65) and Policybazaar (down 5 per cent to Rs 597.20) have their respective all-time lows since their stock market debut.

Shares of food delivery company Zomato, PB Fintech, which operates online insurance broker PolicyBazaar and loan marketplace PaisaBazaar, and online & offline services provider Info Edge (India) slipped by up to 9 per cent, hitting their respective 52-week lows on the BSE in intra-day trade on Friday.

Info Edge (India) is founding investor in Zomato and PB Fintech. In the past one week, these three stocks have fallen in the range of 11 per cent to 20 per cent as compared to a 3.8 per cent decline in the S&P BSE Sensex.

Among the individual stocks, Info Edge (India) tanked 9 per cent to hit a 52-week low of Rs 3,753.  The company is primarily engaged in providing online & offine services primarily through its online portal Naukri.com, Jeevansathi.com, 99 acres.com, shiksha.com & offine portal Quadrangle.com.

In the past four trading days, the stock plunged 19 per cent after the company said it is planning to invest in three new schemes in partnership with Temasek. MacRitchie Investments Pte. Ltd, an indirect wholly owned subsidiary of Temasek Holdings (Pvt.) Limited has committed approximately 50 per cent of total corpus of each schemes of Alternative Investment Funds (“AIFs”).

The total size of all the three proposed funds/ schemes together is $325 million with Temasek committing 50 per cent and Info Edge seeking to commit 50 per cent, the company said in letter to shareholders. CLICK HERE FOR STATEMENT

Meanwhile, Zomato (down 6 per cent to Rs 57.65) and Policybazaar (down 5 per cent to Rs 597.20) have hit their respective all-time lows since their stock market debut.

The stock of Zomato traded lower for a seventh straight day and has slipped 28 per cent during the period. With recent fall, currently Zomato traded 24 per cent below its issue price of Rs 76 per share. It had hit a record high of Rs 169.10 on November 16, 2021.

Thus far in the calendar year 2022, the stock price of Zomato has more-than-halved, down 58 per cent, from a level of Rs 137.75 touched on December 31, 2021. Institutional investors, led by foreign portfolio investors (FPIs) and mutual funds (MFs), have collectively reduced stake by 2 percentage points or 152 million equity shares in Zomato in the January-March quarter (Q4FY22). However, individual shareholders' holding in Zomato increased by 2.07 percentage points to 9.07 per cent from 7.06 per cent in Q3FY22.