Ant-backed Zomato loses US$1.1 billion of market value in two days

28/6/2022 2:28:00 PM

Ant-backed Zomato loses US$1.1 billion of market value in two days - Bloomberg

Ant-backed Zomato loses US$1.1 billion of market value in two days - Bloomberg

(June 28): Zomato Ltd lost about US$1.1 billion of market value in two days after the food-delivery platform announced the acquisition of loss-making quick-commerce firm Blink Commerce Pvt, a move some analysts said will weigh on future growth.Zomato, among the first generation of Internet unicorns to tap India’s capital market, tumbled 8.4% in Mumbai trading on Tuesday on top of a 6.6% drop on Monday. The two-day fall to 60.3 rupees put shares 21% below the initial public offering

(June 28): Zomato Ltd lost about US$1.1 billion of market value in two days after the food-delivery platform announced the acquisition of loss-making quick-commerce firm Blink Commerce Pvt, a move some analysts said will weigh on future growth.Zomato, among the first generation of Internet unicorns to tap India’s capital market, tumbled 8.4% in Mumbai trading on Tuesday on top of a 6.6% drop on Monday. The two-day fall to 60.3 rupees put shares 21% below the initial public offering price.

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