File photo of Zomato CEO Deepinder Goyal
Deepinder Goyal, co-founder and CEO Zomato wrote to employees as the market fall pulled down the company's market cap to $9.64 billion from the high of $17 billion during the IPO. The company's stock price hit the lower circuit at Rs 91 during trading offers.
Goyal said that the fall in market was due to the global sell-off in growth tech stocks. "This is the thing about stock market and public companies - valuations can swing massively without any change in the fundamentals of the business depending on macro-economic factors like inflation, interest rates etc...," wrote Goyal in an
First Published: Jan 24 2022 | 9:25 PM IST