The Zip Co Ltd (ASX: ZIP) share price has plummeted to its lowest point since 2018 this morning, hitting an intraday low of 74.5 cents.
That marks a 5.7% tumble on Friday's close. Its new multiyear low also represents a near 95% fall on the buy now, pay later (BNPL) share's all-time high of $14.53, reached in February 2021.
At the time of writing, the Zip share price has ever-so-slightly recovered. The stock is currently swapping hands for 75.5 cents a piece, 4.4% less than it was at its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is also down 0.4% on Monday.
Let's take a closer look at what's dragged the Zip share price to its lowest point of the last four years.
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Zip share price plunges to 75 cents on Monday
The Zip share price is being bludgeoned on Monday, as is the S&P/ASX 200 Information Technology Index (ASX: XIJ).
While Zip technically doesn't call the tech sector home — it's housed on the S&P/ASX 200 Financials Index (ASX: XFJ) — it tends to trade in line with its technology-focused peers.
The tech sector is currently down 1.84% following a tough Friday session on Wall Street.
The tech-heavy Nasdaq Composite plunged 2.47% on Friday, while the S&P 500 slipped 1.63% and the Dow Jones Industrial Average fell 1.05%.
Block Inc (ASX: SQ2) – home of BNPL giant Afterpay – is among the tech sector's biggest weights today. Its share price is currently down 4.1%.
Meanwhile, shares in payments provider Tyro Payments Ltd (ASX: TYR) have slumped 4.2%.
And today's struggles have only added to the tech sector's recent woes. It's tumbled nearly 34% since the start of 2022 amid rising inflation and resulting interest rate hikes.
At the same time, the financials sector is outperforming the ASX 200. It has fallen nearly 2.4% in 2022 while the ASX 200 has slumped 5.2%.
At today's intraday low, the Zip share price was down approximately 83% year to date. It was also 89% lower than it was this time last year.
