Blinkit Acquisition Continues Weighing On Zomato Shares

Moore Sells 4.25 Cr Shares In Zomato; Share Price Plunges To INR 40.55 Apiece

SUMMARY

The startup’s market cap stands at INR 45,116 Cr, falling by over INR 10,250 Cr in three sessions

Zomato shares have been on a decline since the announcement of its acquisition of Blinkit, falling nearly 19% in three sessions

Kotak Institutional Equities Research has downgraded the Zomato stocks to ‘add’ from ‘buy’

Following the announcement of its acquisition of quick commerce startup Blinkit, Zomato shares continued to decline for the third straight session on Wednesday (June 29), falling over 5% to INR 57.20 on the NSE. Zomato

The food delivery startup has already lost over INR 10,250 Cr of its market capitalisation in the three trading sessions since the announcement. The startup’s current market cap stands at INR 45,116 Cr, as per the BSE. Food Tech2008GurugramDeepinder Goyal +3$4.6 BnFood Tech2008GurugramDeepinder Goyal +3$4.6 Bn