Shares of Meesho tumbled as much as 5% to their day's low of Rs 221 on the BSE on Friday after international brokerage firm Nomura initiated coverage with a Reduce call and a target price of Rs 167, implying a steep 28% downside from current levels.
Meesho operates a two-sided marketplace that connects value-conscious, mass-market Indian consumers with a long tail of SMEs and small manufacturers. Unlike traditional marketplaces, it monetises through advertising and fulfilment services rather than commissions, and caters to around 90% of India's online shoppers.
