Rakesh Jhunjhunwala is not fascinated by Zomato’s spectacular listing, says he is not buying, here’s why

New Delhi: Rakesh Jhunjhunwala, who is often referred to as the big bull of the Indian stock market, has made it clear that he is not interested in buying the shares of Zomato, which on Friday (July 23) saw a spectacular listing in the stock markets. Of. On the day of listing, Zomato’s stock rose nearly 53 per cent against the issue price of Rs 76.

However, Jhunjhunwala is not captivated by the amazing performance of the food delivery company in the Indian stock markets. According to a report in Economic Times, Jhunjhunwala said that he is not going to buy shares of Zomato. However, in a webinar organized by Equirus, an ace investor wished the food delivery company all the best.

Shares of Zomato closed at Rs 125.85 on Friday, a rise of Rs 10.85 or 9.43 per cent from the listing price. At present, the value of the food delivery company is around Rs 98,731.59 crore. The stock has already offered bumper returns to the investors who were allotted the stock against their bids.

However, Jhunjhunwala cited his thesis behind not adding Zomato in his much-awaited portfolio. Jhunjhunwala said, “What I buy is very important, at what price I buy, it is most important. Zomato should be worth Rs 99,000 crore and Tesla is worth $600 billion or $6 trillion. I do not own these stocks. I’m going to buy.”

Supporting his thesis, he pointed out that there is no need to go to every party in the city and that “the hangover comes only the next day.” However, some stock market experts are suggesting that stock investors hold Zomato shares due to the huge opportunities that the online food aggregator is facing. Read also: Aadhar Card Update: Now Children Can Get Child Aadhar Card: Here’s How To Make It

For example, Vinod Nair, Head of Research, Geojit Financial Services, stressed that for a successful IPO allocation, although the listing is well above expectations, existing investors may hold onto their shares as this new business has a high potential to rise. Have an estimate. initial phase of the cycle. “For new as well as existing investors, the stock price trends may settle on a short to medium term basis,” he told IANS. Read also: Elon Musk cites the reason behind the delay in Tesla’s India launch

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