On Monday, Zomato said its cofounder and CTO Gunjan Patidar had tendered his resignation
The foodtech giant, whose shares have been under pressure for the last few months, has seen multiple exits by top level executives over the past few months
Shares of recently-listed drone startup DroneAcharya continue to surge, rising 5% each during the two sessions this week
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Shares of Zomato fell over 2% to INR 58.9 on the BSE on Tuesday, a day after the foodtech giant announced the resignation of its cofounder and chief technology officer Gunjan Patidar.
Patidar’s resignation added another name to the long list of top-level executives quitting Zomato in the last few months. In an exchange filing, Zomato said that Patidar was not designated as a key managerial personnel.
Shares of Zomato fell as much as 4.3% to INR 57.65 during today’s intraday trading.
Last year in November, Zomato cofounder Mohit Gupta resigned from the company. In the same month, its head of new initiatives Rahul Ganjoo and vice-president of global growth Siddharth Jhawar also quit.
Prior to that, Zomato’s deputy CFO Nitin Savara also resigned from the company.
The series of resignations come at a time when the shares of Zomato have been receiving a hammering on the stock exchanges. Zomato lost almost 58% in market capitalisation in 2022 as the macroeconomic headwinds and concerns over its profitability made investors nervous.
While Zomato’s downward trend continues, recently-listed tech startup DroneAcharya is witnessing a significant rally in the stock market. After gaining 27% last week, the drone startup’s shares rose about 10% in two sessions this week.
Shares of DroneAcharya jumped 5% to hit the upper circuit at INR 150.55 on Tuesday. The shares also rose 5% on Monday.
DroneAcharya got listed at INR 102 on the BSE SME platform on December 23, 2022, a premium of almost 90% to its issue price of INR 54 apiece. Its shares were oversubscribed 262X due to strong demand from both high net-worth individuals (HNIs) and retail investors.
In 2022, new-age tech startups Paytm, Zomato, Nykaa, PB Fintech, and Nazara were among the top 20 biggest losers on Nifty 500.
Overall, the performance of new-age tech stocks as well as the Indian stock market remains volatile.
Benchmark indices Nifty50 and Sensex ended today’s session marginally higher at 18,232.55 and 61,294.20, respectively.
Speaking about Tuesday’s trading session, Prashanth Tapse, research analyst, senior VP (research) at Mehta Equities said, “Caution prevailed after IMF (International Monetary Fund) head Kristalina Georgieva warned that 2023 is going to be a tough year as the main engines of growth, namely the US, Europe, and China, are all experiencing weakening activity.”
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