Zomato drops 14% to record low as lock-in period ends

Shares of Indian food delivery firm Zomato dropped as much as 14.3% on Monday to a record low after the end of the lock-in period for investors who had stakes in the company prior to the initial public offering.
The stock dropped to as low as 46.15 rupees ashare, giving the company a market cap of $4.5 billion, far below the $13.2 billion valuation it accrued on its debut day a year ago.
Zomato had raised $1.3 billion ahead of the listing from scores of investors including Tiger Global, Fidelity, Government of Singapore, Canada Pension Fund, T. Rowe Price, Morgan Stanley and Steadview. The inv

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