The tumble of the Zomato stock continued on Tuesday as investors worried about anchor investors pulling out profits from the high profile startup. Monday, August 23 marked the end of the anchor lock in period for Zomato investors, which means from this point on anchor investors are free to sell their shares in the company. Zomato had raised over Rs 4126 cr from a 186 anchor investors ahead of it's IPO.
This phenomena is not new, in the case of SBI Cards and Payment Services the stock fell 15% on the day after the 30-day lock-in for anchor investors ended. With this fall to Rs 505, SBI Cards shares declined by 30% from its issue price of Rs. 755 per share.
Zomato is still trading well above it's issue price of Rs 76/share and even it's listing price of Rs 116/share.