Zip Co Ltd (ASX: ZIP), a prominent buy now pay later provider, saw its shares plummet by 8.31% during Monday's trading session. The sharp decline comes as part of a broader market selloff that has particularly impacted the technology and growth sectors.
The S&P/ASX 200 Index (ASX: XJO) experienced a significant downturn, falling 1.45% to 7,866.1 points. However, the tech sector bore the brunt of the selloff, with the S&P ASX ALL TECHNOLOGY index dropping 2.2%. This disproportionate impact on tech stocks has exacerbated Zip Co's decline.
Zip Co's shares closed at $1.62, marking a 7% decrease from the previous trading day. This latest drop contributes to a larger downward trend for the company, with its stock now more than 50% below its 52-week high. The severity of Zip's decline highlights the current market sentiment towards high-growth tech stocks and the buy now pay later sector in particular, as investors reassess risk in the face of broader economic concerns.
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