Zomato share price today: Shares of Zomato fell 8% in three sessions, dropping to Rs 129 on Wednesday from a high point achieved through a 150% gain in the last 12 months. This decline, with significant trading activity, is a reversal from the recent strong upward trend in the stock.
As of 12:20 PM, shares of Zomato were trading 4.46% lower at Rs 127.60 on NSE.
As per ET, Motilal Oswal Mutual Fund sold a portion of its stake in Zomato on Monday through open market transactions, resulting in a profit of Rs 622 crore. The stock has been plunging since then. The mutual fund firm disposed of 4.5 crore shares, representing a 0.5% stake, at Rs 138.15 per share, reducing its holding from 1.83% as of the end of December.After hitting a 52-week low of Rs 44 on January 25, 2023, the stock underwent a remarkable recovery, yielding over 220% returns by January 12, 2024. This surge was driven by robust quarterly earnings posted between April and September, showcasing a notable shift from previous losses.
For the quarter ending September 2023, Zomato reported an improvement in profitability, with a net profit of Rs 36 crore. This positive trend followed a surprise profit of Rs 2 crore in the preceding June quarter, contrasting with a loss of Rs 251 crore in the same period the previous year.
As of 12:20 PM, shares of Zomato were trading 4.46% lower at Rs 127.60 on NSE.
As per ET, Motilal Oswal Mutual Fund sold a portion of its stake in Zomato on Monday through open market transactions, resulting in a profit of Rs 622 crore. The stock has been plunging since then. The mutual fund firm disposed of 4.5 crore shares, representing a 0.5% stake, at Rs 138.15 per share, reducing its holding from 1.83% as of the end of December.After hitting a 52-week low of Rs 44 on January 25, 2023, the stock underwent a remarkable recovery, yielding over 220% returns by January 12, 2024. This surge was driven by robust quarterly earnings posted between April and September, showcasing a notable shift from previous losses.
For the quarter ending September 2023, Zomato reported an improvement in profitability, with a net profit of Rs 36 crore. This positive trend followed a surprise profit of Rs 2 crore in the preceding June quarter, contrasting with a loss of Rs 251 crore in the same period the previous year.
The company’s revenue from operations witnessed a 71% YoY increase to Rs 2,848 crore, surpassing market expectations. The gross order value (GOV) for its B2C businesses, encompassing food delivery, quick commerce, and going-out services, grew by 47% YoY to Rs 11,422 crore. This growth in GOV was primarily fueled by increased order volumes and the success of Zomato’s “Gold” program, which contributed to higher ordering frequency among members.
Zomato’s quarterly performance had initially driven the stock’s multibagger returns, reaching 151% over the past 12 months.