Shares of online food aggregator Zomato declined 9 per cent intraday.
Zomato shares are up more than 50 per cent from its IPO issue price of Rs 76 and on Friday's closing, it was at Rs 114 per share.
"The costs have escalated due to the tax imposed on the aggregator, along with the fact that the lockdown is also not currently happening," stated Ravi Singhal, Vice Chairman at GCL Securities.
NSE data showed that the company's market capitalisation fell below the 1 lakh crore-mark, NSE data showed.
Over the past one-month period, Zomato shares fell nearly 18 per cent.
Ravi Singh, Vice President and Head of Research, Share India Securities added: "The technical setup in Zomato stock is in bearish formation on intraday and daily which may drag the stock up to Rs 112-110 levels in the near term."
(With inputs from IANS)
