STOCK MARKET

Zomato Slips Over 8% in Three Days

Picture Source: Internet

On Monday, Zomato tumbled 4.61 per cent to Rs 57.95, extending losses for the three consecutive trading sessions. The share of Zomato lost 8.67 per cent in the trading session from the last three days and closed at a high of Rs 63.45.

On the Bombay Stock Exchange (BSE), 31.25 lakh shares were traded compared to daily average volumes of 71.76 lakh in the last two weeks. The stock of Zomato hit a high of Rs 60.55 and a low of Rs 57.45. On 16 November 2021, the stock hit a 52-week high of Rs 169.1. On 27 July 2022, the stock hit a 52-week low of Rs 40.55. The stock underperformed the market over August, declining 6.38 per cent as compared with 2.89 per cent fall in the Sensex.

The scrip had underperformed the market in past three months, dropped 12 per cent as against Sensex’s 7.47 per cent rise. Also, the counter underperformed the market in the year 2021 which slumped 59.66 per cent as against 4.9 per cent decline in the Sensex.

The stock was trading below its 50-day, simple moving average (SMA) placed at 58.17, 100-day simple moving average (SMA) at 60.20 and 200-day simple moving average (SMA) placed at 80.16. 

Zomato operates a one-stop procurement solution which supplies high quality ingredients and kitchen products to restaurant partners.

On a consolidated basis, the company’s net loss is Rs 186 crore in the first quarter FY23 compared to net loss of Rs 360.70 crore in the first quarter of FY22. Revenue from operations stood at Rs 1,413.9 crore in Apr-Jun quarter of FY23 up 67.44 per cent from Rs 844.4 crore reported in Apr-Jun quarter of FY22.

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