Rakesh Jhunjhunwala's prediction comes true on Zomato shares

Mumbai: Warren Buffett of India Rakesh Jhunjhunwala's prediction came true. He made key comments about the collapse of Zomato shares a year ago.  “If I tell investors not to buy Zomato shares, they will call me a fool”.

At a time when all the domestic stock markets are doing well, suddenly the shares of 'Zomato' are nosediving. Zomato's share price was Rs 45.90 at the time of trading on Thursday afternoon. Since July 23, 2021, the company's shares have fallen by 61.33 per cent.

At the same time, the shares of other companies that went for IPO listing in the stock market last year are on the rise. Paytm, Naika shares and Zomato shares have fallen heavily. At this moment, the investors are recalling the comments made by Jhunjhunwala, who participated in the 'India Today Conclave' held last year.

Jhunjhunwala expressed concern over the valuation of other newly listed companies, including Zomato in the India Today programme. Explained how Zomato stocks are going to be in future. Investors have been warned. "Today if I say don't buy Zomato share, people will call me a fool," he commented.

The lock-in period for Zomato's promoters, employees and other investors, which went for the IPO on July 23 last year, ended on July 23 this year. On July 25 and July 26, the stock fell by 20 per cent. Zomato shares continue to fall in NSE since then. With this, investors are worried about their investments. In the case of Zomato stocks, opinions are being expressed that it would have been better if they had listened to Rakesh Jhunjhunwala.