Deliveroo skidded on its stock market launch on Wednesday, with share prices slumping by almost a third in value after the app-driven meals delivery company faced criticism from institutional investors over its treatment of self-employed riders. Deliveroo’s initial public offering (IPO) was London’s biggest stock market launch for a decade, valuing the group at £7.6 billion (€8.9bn), after the eight-year-old company enjoyed surging sales during the coronavirus pandemic as locked-down people ordered in. But the British group’s shares plunged as low as £2.71 after an IPO set at £3.90 – already the bottom of its target-range. “Deliveroo has gone from hero to zero as the much-hyped stock market debut falls flat on its face,” noted AJ Bell investment director Russ Mould. “Initially there was a lot of fanfare about the Amazon-backed company making its shares available to the public, including the ability for customers to buy stock in the IPO offer,” Mould said. “Sadly, the narrative took a turn for the worst when multiple fund managers came out and said they wouldn’t back the business due to concerns about working practices.” ‘Continue to invest’ Deliveroo shares opened down 15 per...