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Zomato Share Price: Kotak said the selling phase in Zomato is over, 68 percent share can give returns

Zomato Share News: This week has been very volatile for Zomato Share. In the first two trading sessions of this week, the stock of Zomato has seen a fall of 23 percent. The share price of Zomato, which brought IPO at Rs 76 per share, fell to a low of Rs 40.60. That is, about 47 percent below the price level of the IPO. However, the stock has shown recovery from the lower levels. Currently Zomato is trading at Rs 47. And has recovered about 16 per cent from its low levels.

Kotak advises to buy Zomato shares
There may have been a big fall in the stock of Zomato, but the domestic foreign brokerage house is very bullish about the stock of Zomato. After foreign brokerage house Jefferies, Kotak Institutional Securities is bullish on the stock of Zomato. Kotak advises investors to buy Zomato shares with a target of Rs 79. According to Kotak, the stock can give a return of about 68 percent from the current level.

This is also bullish on Zomato
Earlier, Jefferies had also advised investors to invest in Zomato shares for the long term. Jefferies believes that the stock of Zomato can give a return of 130 percent to the investors. Jefferies said the sell-off of investors has had an impact on food tech companies like Zomato. But Jefferies believes that purchases are made in Zomato. Not only Jefferies, foreign brokerage house Credit Suisse has said that Zomato’s stock will outperform. According to Credit Suisse, the stock has the potential to go up to Rs 90.

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Reasons for the decline in Zomato
Actually, it has been one year since Zomato got the stock listed in the market. July 23, 2022 The one-year lock-in period for big investors was over, after which there was a sell-off by big investors, due to which the stock came down.

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