New Delhi, January 21
Shares of food tech unicorn Zomato fell 12 percent in morning trade on Tuesday as the food delivery aggregator reported a 57.2 percent decline in consolidated net profit for the December quarter. The company’s share fell 11.81 percent to Rs 212.50 on BSE.
Shares of Zomato closed down over 3 percent on Monday. In two days, the company’s market capitalization (mcap) fell by Rs 35,175.53 crore to Rs 2,04,876.94 crore. Meanwhile, Swiggy’s shares also fell more than 10 percent on the stock exchange as its peer competitor Zomato reported a slowdown in its business.
The company’s stock fell 9.91 percent to Rs 431.70 per share on the National Stock Exchange (NSE). Also, this is the biggest one-day decline for Swiggy’s shares since its listing last year. However, Swiggy is yet to announce the date to announce its December quarter results. News-Patiala
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