Zip (ASX:ZIP) shares plummet over 14% on ASX today, here’s why

June 07, 2022 06:22 PM AEST | By Ritwika
Follow us on Google News:


  • Zip shares closed over 14% lower today. 
  • The company’s share price was driven by sector influence today. 
  • The hike in interest rate announced by the RBA and global inflation also affected Zip’s share price movement on ASX today. 

The shares of Zip Co Limited (ASX:ZIP) were spotted trading 12.418% lower at AU$0.670 per share at 2:33 PM AEST on the ASX today (7 June).

The share price of Zip has fallen over 90% on the ASX over the past 12 months. On the other hand, Zip’s year-to-date share price also fell over 84% (as of 2:33 PM AEST today, 7 June). 

Meanwhile, the S&P/ASX 200 Financials sector (ASX:XFJ) was spotted trading 2.059% lower at 6377.9 at 3:02 PM AEST on the ASX today. 

Why did Zip shares plummet on ASX today? 

There is no solid reason behind the fall in Zip’s shares on ASX today as the company did not release any significant update today. However, we can assume that the share price movement of Zip has followed its sectoral trend today. 

The share price of Zip has been underperforming on the ASX over the past couple of days. In the last five days, the share price of Zip has fallen by over 28% on the ASX. 

The shares of another leader in the BNPL industry, Sezzle (ASX:SZL), was also spotted trading over 7% lower at 3:15 PM AEST on the ASX today (7 June).

Zip (ZIP) share price

Image source: © Innastok |

It seems that these stocks are suffering due to the ongoing economic situation of global inflation and the increased rate of interest by the Reserve Bank of Australia (RBA). It is expected that the RBA’s move to increase the interest rate once again might affect Zip shares in the coming weeks.

Also read: Why are ZIP shares (ASX:ZIP) on investors' radar?

About Zip Co Limited 

Zip Co Limited is an ASX-listed financial stock with a market capitalisation of AU$100.5 million. The company is primarily involved in the business of offering payment solutions by offering point-of-sale and digital payment services to businesses and consumers across several sectors. Zip covers some of the major industries in Australia, such as the healthcare sector, retail, education, and travel sector. 

Zip mainly uses two of its products - zipPay, and zipMoney to offer retail finance solutions to businesses through both online and offline mediums. 


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK