Shares of food delivery platform operator Zomato Jumped more than 13% to a record low on July 25, after much of the company’s shares were released from a mandatory one-year lockup period following an initial public offering (IPO).

The stock was trading at Rs 46.80 on the BSE, down 12.77% to 9.30 am, with a market cap of Rs 36,848.7 crore ($4.61 billion). It topped Rs 1.25 lakh at the close and wiped out investor wealth worth Rs 89,000 crore. With the crash, Zomato’s market cap also fell below its last private valuation of $5.5 billion.

The one-year lockup period for roughly 613 crore shares, or 78% of Zomato stock, ended on July 23. Analysts warned that the company’s stock could face selling pressure.

According to the rules set by market regulator Sebi, those who held shares in the company before the IPO were not allowed to sell their shares for a year after the listing.

The food delivery company caused a stir on Dalal Street on July 23 last year. It issued shares at Rs 76 in the IPO but quickly turned bullish, hitting a record high of Rs 169 on the BSE.

Since then, however, the journey has gone downhill as investor enthusiasm has faded. While Zomato has nothing to show, analysts and investors have begun to question the company’s plans for profitability.

Shares in Info Edge, which also holds a stake in Zomato, also fell about 2%.