Zomato plunges nearly 19 per cent as fintech stocks across the globe take a hit

Globally, the situation regarding the fintech companies has not been good as NASDAQ tumbled nearly 20 per cent since its all-time high and is now, officially in the bear zone.  

In the US, last week, Netflix came up with disappointing results and business commentary, which saw its shares falling around 25 per cent. This reaction spread across the globe as fintech stocks have come under fire recently. In view of this, the shares of Zomato also plunged nearly 19 per cent amidst the sell-off on Monday.  

Thus, Zomato has been hammered down as it trades around Rs 93 on Monday. On an MTD basis, the shares of Zomato plummeted about 34 per cent, which is greater than most of the fintech companies. Moreover, it has hit its fresh 52-week low today. With RSI plunging below 20 and ADX indicating a strong bearish trend, the stock is in no mood to bottom out. Moreover, the volumes have been on a rise, which indicates that the shares are being offloaded aggressively.  

Traders are advised to trade with caution in such stocks and wait for further clarity in the market.