Stock price of restaurant discovery and food delivery platform Zomato, are currently trading at an all-time low, thanks to flat growth in previous quarter. Add to that the general sell-off in global markets due to panic from the ongoing Russia-Ukraine situation, and the result is a stock price, that is on the edge of the IPO price for the company.

Indian markets saw massive sell-off yesterday, with both Sensex and Nifty closing at record lows. This sell off was attributed to the global market situation, ever since Russia inched closer to invading Ukraine, calling for panic in global financial markets. However, Indian markets recovered today to gain back some of yesterday’s losses, though tech and startup stocks continue to remain under severe pressure.

Zomato for instance, which listed at a premium of nearly 50% and was among few of those tech startup stocks that listed well, is way below that price. At the time of writing this piece, the stock was trading nearly 40% below from its all time high. Currently trading at ₹76.20, the stock is edgingly close to its listing price of ₹76. Experts believe it will go down even further, and may well hit ₹50 at some point.

The stock slump for Zomato started almost the next day post its earnings report. The numbers failed to excite investors, with flat growth and literal de-growth in certain figures. With COVID-19 forcing people to eat indoors, experts actually expected a spike in revenue from food delivery business. On a year-on-year (“YoY”) basis, Zomato saw a 78% growth in Adjusted Revenue to ₹1420 crore ($190 million). However, on a sequential quarter-on-quarter (“QoQ”) basis, it was a flat quarter. Revenue from operations grew by ~9% QoQ, while the customer delivery charges de-grew by 22%. This was driven by ₹7.5 per order reduction in customer delivery charges in Q3 FY22 as compared to Q2 FY22.