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BENGALURU (Reuters) -Shares of Indian food delivery co*pany Zomato fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors expired following the 2021 listing.

Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60% of their value since then on concerns about valuations and as global growth stocks cratered.

“Investors are concerned about the sell-off through employees and promoters,” said Prashanth Tapse, vice president of research at Mehta Equities.

Investors are also not co*fortable with the acquisition of Blinkit, he said, adding that the fundamentals of the co*pany were still good.

Including Monday’s losses, Zomato shares have lost nearly 30% since the co*pany announced its deal to buy local grocery delivery startup Blinkit in June.

On Monday, the stock posted its biggest intraday percentage drop since Jan. 24 in heavy-volume trade of 2.7 times the 30-day average.

The co*pany now has a market value of 366 billion rupees ($4.58 billion), co*pared with 1.29 trillion rupees at its all-time high in November.

Analysts say Zomato needs to pump more money into Blinkit as the quick-co*merce sector grows at a rapid clip, with rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto making big investments.

Zomato is scheduled to report its first-quarter results on Aug. 1. The co*pany had reported a 75% jump in fourth-quarter revenue in May, while gross order value – or the total value of all food delivery orders on its online platform – surged 77% year-on-year to a record high.

On Friday, Reuters reported that Domino’s Pizza’s India franchise will consider taking some of its business away from Zomato and Swiggy if their co*missions rise further.

($1 = 79.8450 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)