Zomato shares up 13% on quarterly loss report

Bengaluru:

Shares of Zomato Ltd on Friday jumped 13 per cent, a day after the food delivery company reported a narrow loss for the second quarter due to increase in online order volume and value.

Shares of the company rose 13% to Rs 72.25 in early trade, hitting the highest level since June 27.

Zomato’s consolidated net loss widened to 2.51 billion Indian rupees ($30.73 million) in the July-September quarter, up from Rs 4.30 billion a year ago.

Excluding figures from its recently acquired instant-commerce business Blinkit, Zomato’s loss stood at Rs 600 million.

This is the gross order value, the total value of all food delivery orders placed online on Zomato’s platform, jumped by about 23 per cent.