Zomato shares continue to slump for 2nd day; plunge 12 pc

Shares of food tech unicorn Zomato plummeted 12 per cent in the morning trade on Tuesday after the food delivery aggregator reported a 57.2 per cent drop in consolidated net profit for the December quarter to Rs 59 crore.

The scrip of the company fell 11.81 per cent to Rs 212.50 apiece on the BSE.

On the NSE, shares of Gurugram-headquartered Zomato depreciated by 9.99 per cent to hit its lower circuit level of Rs 215.80 per piece.

On Monday, shares of Zomato settled more than 3 per cent lower on the bourses.

In two days, the company’s market capitalisation (mcap) got eroded by Rs 35,175.53 crore to Rs 2,04,876.94 crore.

Meanwhile, shares of Swiggy also declined over 10 per cent on the stock exchanges after its peer competitor Zomato reported a slowdown in its business.

Leave a Reply

Your email address will not be published. Required fields are marked *