Zomato Share Price News: In the last week of July, the stock of food delivery company Zomato saw a big fall. Investors were exiting from the stock of Zomato. Uber also sold its stake in the company. But do you know that when you were engaged in selling the shares of Zomato, then mutual funds were busy buying the shares of Zomato.
The result of mutual fund companies buying shares of Zomato is that on July 27, 2022, Zomato touched a low of Rs 40.60. The stock has jumped 61 per cent from those levels and closed at Rs 65.25 on August 17.
The buy and sell data of mutual funds for the month of July has shown that mutual funds have taken full advantage of the decline in Zomato’s stock. Mutual funds have increased their stake in Zomato. Nippon Mutual Fund alone has bought shares of Zomato worth more than Rs 7 crore. Nippon Mutual Fund has made tremendous purchases in many schemes in which Small Cap, Retirement Fund, Large Cap Fund.
According to the data, Nippon Mutual Fund has bought more than 702 crore Zomato shares, while Franklin Tenpleton has bought 2.54 crore shares. UTI Mutual Fund has bought 38.18 lakh, Motilal Oswal 1.30 crore, HDFC Mutual Fund has bought more than 99.13 lakh shares of Zomato.
Even after the huge fall in the stock of Zomato, many foreign brokerage houses have advised investors to invest in the stock for a long period. After the listing on the stock exchanges, Zomato’s stock had reached Rs 169. Then its market cap was Rs 1.33 lakh crore. But still the stock is trading below its IPO price of Rs 76. The market cap has come down to close to Rs 55,780 crore. That is, the market cap has decreased by Rs 67,000 crore from the upper level.
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