Sensex: Zomato shares fall to lowest level since listing in July; Paytm down 57%
Sensex news: Technology stocks also lost ground in early trading, with Infosys down 1.16%, dragging the Nifty IT index more than 1% lower.
The shares of food delivery platform Zomato continued to remain under pressure on Monday, plunging another 10 per cent to go below ₹100 on the Bombay Stock Exchange (BSE). This is Zomato’s lowest level since its debut in July last year.
The stock has plummeted over 25 per cent in the last five trading sessions. However, it is still up more than 34 per cent since its IPO issue price of ₹76. Paytm too was trading nearly four per cent lower at ₹924. It is down over 57 per cent from its issue price of ₹2,150.
Meanwhile, Sensex slumped over 200 points in opening trade on Monday, tracking losses in index majors Wipro, Bajaj Finserv and Infosys amid a largely negative trend in global markets.
ICICI Bank rose as much as 1.5% after India's second-largest private-sector lender beat profit expectations on the back of strong loan growth and lower bad loan provisions.
Besides, unabated foreign fund outflows also put pressure on domestic equities, traders said. Investors are keeping an eye out for earnings reports from several companies, including Axis Bank and HDFC Asset Management.
The Sensex was trading 233.53 points or 0.40 per cent lower at 58,803.65 in early trade. Likewise, the Nifty fell 73.70 points or 0.42 per cent to 17,543.45.
In the previous session, the 30-share index ended 427.44 points or 0.72 per cent lower at 59,037.18. The broader NSE Nifty plunged 139.85 points or 0.79 per cent to 17,617.15.
Asian bourses in Hong Kong, Seoul and Tokyo were trading with losses in mid-session deals, while Shanghai was in the green.
Meanwhile, international oil benchmark Brent crude rose 0.92 per cent to USD 88.70 per barrel.