It's a story that's starting to become rather familiar. The S&P/ASX 200 Index (ASX: XJO) is once again falling today, scraping off another 1.53% so far. And once again, it seems to be ASX tech shares that are leading the ASX's falls, with the S&P/ASX All Technology Index (ASX: XTX) down by 2.43%. C'est la vie, it seems. This carnage has not escaped the Zip Co Ltd (ASX: ZIP) share price.
Zip is currently down by another 4.42% so far this Thursday, and is now being priced at 86.5 cents a share. That comes after what is now the ASX's largest buy now, pay later (BNPL) share hit another 52-week low of 86 cents a share this morning. It's a new four-year low for Zip too, with the company not seeing these kinds of share pricing levels since back in 2018.
So what's behind this latest slump in Zip shares?
Why is the Zip share price falling yet again?
Well, nothing specific it seems. There's been no news out of Zip for a while. So it looks like today's falls are just the result of further punishment for the tech sector from ASX investors.
Most tech shares are falling steeply today. Block Inc (ASX: SQ2), the new owner of Zip's old rival Afterpay, is down by 2.78%. Xero Limited (ASX: XRO) has lost 3.53%. And Altium Limited (ASX: ALU) shares have lost 4.37%. Zip's fellow BNPL share Sezzle Inc (ASX: SZL), which Zip is still in the process of acquiring, has slumped 5.83% and hit a new multi-year low of 56 cents too.
But investors haven't been impressed with Zip for a while now. As my Fool colleague Aaron covered this week, investors have seemingly been losing confidence in the company since its April third-quarter update.
No doubt shareholders will be hoping a bottom can be found soon. But we shall have to wait and see.
At the current Zip share price, this ASX BNPL share has a market capitalisation of $622 million.
