Shares of Zomato fell over 6 per cent on Tuesday after Invesco, a US-based fund manager, nearly halved the valuation of its rival food delivery aggregator Swiggy.
Zomato ended the session at Rs 60.94 (BSE), valuing the food delivery company at Rs 52,281 crore.
The slashing of valuations of Swiggy comes at a time when many investors are re-evaluating the valuations of technology companies across the globe.
Currently, Zomato is trading at 20 per cent below its issue price of Rs 76. Market experts said that there could be more pain ahead for the stock.
“For many new-age companies, the