Zomato shares continued to fall, and today marked the second day in a row that the stock reached a new all-time low.
In intra-day trade today, shares of the online food delivery service Zomato fell over 11% and reached a record low. Ashneer Grover, a former founder of BharatPe and a Shark Tank India judge, claimed on Twitter that the shares of Zomato would have risen to 450 if Swiggy had merged with the company instead of BlinkIt.
The Board of Directors of food aggregator company Zomato recently approved a plan to pay $4,447 crore to buy cash-strapped quick commerce firm Blinkit. Grofers was the previous name for Blinkit. It anticipates that the acquisition will lower delivery costs and increase the utilization of Zomato’s hyperlocal delivery fleet.
In just 10 minutes, @letsblinkit served @zomato piping hot misery on the stock market! Yes, please, if @Swiggy ko merge kar liya hota to 450 ka stock hota. Tweeted Ashneer Grover.
Post Link:
Following the completion of the required pre-IPO (Initial Public Offering) shareholders’ lock-in period on July 23, Zomato shares reached an all-time low on Monday.
Despite the fact that Zomato shares have been declining for several months, Ashneer Grover had suggested in May that purchasing the company’s stock wouldn’t be a bad idea.
“Everything hinges on perspective. If you were a Zomato employee and used your ESOP (employee stock ownership) at a price of 140 or higher after the IPO, you probably paid more in income tax on each share than what you would pay if you were to buy it on the open market today. Markets are providing ESOPs to everyone at a price of 56 per share, “On May 9, Grover tweeted.
Post Link:
In July of last year, Zomato made a spectacular debut on the stock markets. The initial public offering of the food aggregator was a success because it was subscribed 38.25 times.
According to information accessed through Tofler, Ashneer Grover and his wife Madhuri Jain Grover have created a new business called Third Unicorn Private Limited. The information indicates that Grover and his wife are both directors of the company established on July 6. The company has a total paid-up capital of 10 lakh rupees and a share capital authorized of 20 lakh rupees.
