Zomato Share Price Falls 4% Intraday, Cuts Investment Guidance In Blinkit To $320million

Zomato's share price is one of the major stocks to watch today, as it has fallen sharply by 4.05%, standing at Rs. 53.30/share till 1.17 pm. Zomato is reducing investment guidance in Blinkit to $320 million from an earlier $400 million; the company has reduced its losses including a $150 million investment into the company so far, according to Zomato's co-founder, CEO Deepinder Goyal.

Commenting on the matter related to Blinkit, He said, "The relationship between Albinder and Akriti/ I is public and already known - there was nothing to hide there. The board was aware of it and all parties, including Akriti herself, made sure that she was never involved in any discussions or decisions with respect to the transaction."

Additionally, on another note, Uber has decided to put its entire 7.8% in Zomato, available reports inform. A total of 612 million shares of Zomato would be up for sale for Rs. 48- Rs. 54/share. Its lower end, the size of the deal could be Rs. 2,939 crore, and the top end could be Rs. 3,305 crore, which is likely to happen today.

Zomato's share price was gaining traction after its financial result publication, the company recently reported that its consolidated net loss reduced to Rs. 186 crore in Q1FY23, than Rs. 359.70 crore in Q4FY22, and Rs. 360.70 crore in Q1FY22. Additionally, its consolidated revenue from operations has gained 67.44% cent YoY to Rs. 1,413.90 crore than Rs. 844.40 crore in Q1FY22, while EBITDA loss fell to Rs. 150 crore.

However, Zomato's share price has surged by 23.22% in the past 5 days but fell significantly by 44.80% in the past 6 months.