Zomato share price: Extending the sell-off in the sixth straight session, Zomato shares are down over 2 per cent in morning deals. Zomato share price today opened with a fall of more than 2 percent and reached intraday low 54.05 on NSE. Food aggregator stock has tumbled since the announcement of its acquisition of Blinkit (formerly known as Grofers). 4,447 crores. The board of directors of Zomato had approved the acquisition of cash-strapped Blinking on 24 June 2022. Following the announcement of this acquisition, the shares of Zomato have declined. from 70.50 55.10 each level, a decline of more than 20 percent in 6 straight sessions.
According to Share Market According to experts, the stock is looking weak on the chart pattern and may go further lower. 30 to 25 levels, if it lets break down 50 levels based on completion. He advised investors to avoid taking fresh positions over the counter and strictly maintain below stop losses for those who have these stocks in their portfolio. 50.
“In today’s funding winter, people have increased their scrutiny on profitability, Zomato’s net loss has tripled in the recent quarter. Investors are not taking it kindly from the fact that the loss-making company belongs to another company. It is making acquisitions that may be subject to strict government regulations and has not yet shown a path to profitability, said Yashvardhan Singh, principal associate of Saravank Associates.
Zomato shares are looking weak on the chart pattern and the downside could be further weakening 50 epic levels. Stock holders should maintain a tight stop loss below 50 as stock may go up 30 to 25 per share after giving the breakdown On closing basis 50. Sumeet Bagdia, Executive Director, Choice Broking said, New investors are advised to avoid taking any over the counter positions and look for better stocks to invest.
In YTD time, Zomato’s share price has fallen over 60 percent and its current market cap is approx. 41,970 crores.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.