Shares of Zomato fell 4% to Rs 57.65 on the BSE in intraday trade on Tuesday after the food aggregation platform company said in a regulatory filing that its co-founder and chief technology officer Gunjan Patidar had resigned. Patidar was part of the original founding team of Zomato.

Patidar was one of the first three employees of Zomato and built the core technology system for the company. Over the past decade, he has also developed a top-notch technical leadership team capable of taking on the heavy responsibility of leading the technology function forward, the company said in a filing.

However, Gunjan Patidar was not named as a critical official under the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Therefore, Zomato stated that this disclosure is voluntary.

Gunjan Patidar’s departure is the latest in a string of high-profile resignations. He is the fourth co-founder to exit the company since 2018, following co-founder Mohit Gupta, Rahul Ganjoo (head of new initiatives) and Siddharth Jhawar (head of intercity food delivery service).

The stock recovered from session lows at 9:34 am but was down 1.3% at Rs 59.45 on the BSE. In contrast, the S&P BSE Sensex fell 0.04% to 61,141.

Zomato has underperformed the market over the past month, falling 15%, with a 3% drop in the benchmark index. It has more than halved, or 57%, over the past year compared with Sensex’s 5% gain. The stock made an all-time low of Rs 40.55 on July 27, 2022, and a new all-time high of Rs 169 on November 16, 2021.

Zomato will debut on the stock market on July 23, 2021. The company is offering shares at Rs 76 each.

With a strong footprint in 23 countries, Zomato can benefit from the vast potential of the food delivery industry. Businesses no longer lose money. Adjustment. EBITDA break-even for the food business. At the corporate level, the target is to break even in Q4FY23 or Q2FY24. In a report, Motilal Oswal Financial Services said that the post-acquisition Blinkit integration was progressing smoothly and did not lose any market share in the last quarter.