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Sunday Jan 29, 2023

Zomato share price down huge 57 percent after one by one resignation – Business News India


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Zomato Share Price: Turmoil continues in the management of food aggregator Zomato Limited. This is also affecting the stocks. The company’s stock has fallen nearly 9% so far this year and 2023. At the same time, 57.10% has been broken in a year. During this time the share has fallen from Rs 129 to Rs 55.45. Let us inform that one after the other big officers in the company are resigning. This week, the company’s co-founder and chief technology officer Gunjan Patidar resigned from his post.

What is the matter?
Zomato said in a filing to the stock market that Patidar was among the company’s first few employees and had built the core technology system for the company. According to the company, Patidar has contributed significantly in taking Zomato forward. However, the company did not give details about the reasons for his resignation. Let us tell you that in November last year, Mohit Gupta, another co-founder of the company, had resigned. He joined Zomato about 5 years ago. He was promoted to co-founder in 2020 from the position of CEO of the company’s food delivery business. Big officials like Rahul Ganju and Siddharth Jhawar had also resigned from Zomato’s management. At the same time, last year, food aggregator Zomato also announced the layoff of 3 percent of its employees.

This share of 20 rupees is increasing 20% ​​every day, know what is the matter?

September quarter loss stood at ₹250.8 crore
Zomato’s net loss narrowed to ₹250.8 crore in the September quarter. The net loss of the company was ₹434.9 in the corresponding quarter of the previous financial year. Apart from this, the company’s revenue from operations increased by 62.20 percent to Rs 1,661.3 crore. Sales of the company’s food delivery business grew 22 per cent to Rs 6,631 crore in the September quarter from Rs 5,410 crore in the corresponding quarter of the previous fiscal.

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