Paytm, Nykaa, Zomato stocks fall: ‘Unicorn bubble is bursting,’ say netizens

Monday was nothing short of a bloodbath at Dalal Street. Paytm, Nykaa, Zomato not only took a tumble but were also the subject of a meme-fest on social media. Netizens took to social media to say that India’s unicorn bubble is bursting and that these companies should be listed in crypto markets and not on the national exchanges – BSE and NSE.
 
One user tweeted, “Unicorn bubble is bursting now. We need profitable startups not hyped unicorns," while another user wrote, “Unicorn is fried to popcorn. Paytm and so on.”

Bears dominated the Dalal Street today as Sensex fell 1,000 points and Nifty tanked by 17,400 points. The market reacted this way as investors are hedging their bets on the US Federal Reserve’s upcoming policy meet and likely rate hikes in 2022.
 
Zomato shares crashed 19 per cent and hit an all-time low of Rs 92.25 on BSE.  “With all technical indicators flashing red, we do not see any sharp rebound in tech stocks. At the same time, it is a good opportunity for long term investors to add stocks like Zomato to the portfolio since it is a leader in a fast-growing industry that has only one other player. Also, since the company is well funded and has profitable unit-level metrics, we are not worried about the correction in valuation,” founder of Piper Sireca Abhay Agarwal told BusinessToday.In.
 
The firm’s m-cap eroded to Rs 73,833.64 crore on the BSE. Paytm fell by 18 per cent to Rs 908.2, whereas Nykaa dropped by 10 per cent to trade at Rs 1,792.6 on the BSE.

Also read: Stock Market LIVE: Sensex crashes 1000 pts, Nifty below 17,300; Zomato tanks 19%

Also read: Zomato shares tank 19% in early trade; down 45% from its 52-week high