Zomato, L&T Infotech, Solara, and TTML drops by more than 25% in a single month

In the last month, shares of Zomato, Larsen & Toubro (L&T) Infotech, Solara Active Pharma Sciences, Indiabulls Real Estate, Tata Teleservices (Maharashtra) (TTML), and TV18 Broadcasting from the S&P BSE500 index have fallen more than 25%. Meanwhile, the S&P BSE Sensex has fallen 6.6% in the last month.

Zomato shares hit a new low of Rs 64.70, down 7% on the BSE in intra-day trade on Wednesday. The stock has fallen for the fifth day in a row and is down 19% for the year.

It has corrected 25% in the last month as a result of reports that the Competition Commission of India (CCI) has ordered a detailed probe into food delivery platforms Zomato and Swiggy for alleged unfair business practises in their dealings with restaurant partners.

Zomato’s stock price has more than halved this year, falling 53% from a high of Rs 137.75 on December 31, 2021.

Institutional investors, led by foreign portfolio investors (FPIs) and mutual funds (MFs), have collectively reduced their stake in the company by 2 percentage points.

Solara Active Pharma Sciences, too, hit a 52-week low of Rs 500 today in intraday trade.