Zomato Shares Continue To Slide, Fall By 8%

Zomato’s shares fell for the second straight day on Tuesday, tumbling over 8 per cent

New Delhi:

Shares of Zomato Ltd fell for the second straight day on Tuesday, tumbling over 8 per cent amid concerns over the company’s proposed acquisition of Blink Commerce Pvt Ltd (formerly known as Grofers) for Rs 4,447.48 crore.

The stock dived 8.35 per cent to settle at Rs 60.35 on the BSE. During the day, it fell 9.18 per cent to Rs 59.80.

At the NSE, it fell 8.04 per cent to settle at Rs 60.55 apiece.

Shares of Zomato had fallen by over 6 per cent on Monday also.

In two days, the company’s market valuation has fallen by Rs 7,861.49 crore to Rs 47,517.51 crore on the BSE.

Zomato Ltd last Friday had said it will acquire Blink Commerce Pvt Ltd for Rs 4,447.48 crore in a share swap deal as part of its strategy of investing in quick commerce business.

Blink Commerce Pvt Ltd runs the online quick commerce service under the Blinkit brand. It was formerly known as Grofers.

The transaction will be carried out through issuance and allotment of up to 62.85 crore fully paid-up equity shares of Zomato having face value of Re 1 each at a price of Rs 70.76 per equity share on a preferential basis, it added. 

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Muhammad Umarhttp://360news.online
Muhammad Umar Blogger and Writer at 360news.online. He had a great grip on south Asia Political and current affair Issues..

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