Zomato Takes a Dip: 4.5 Crore Share Block Trade Sinks Stock Price

15 Jan 2024 , 10:13 AM

After 4.5 crore shares of the online food aggregator were traded in a block sale on January 15, Zomato’s stock fell 1% in early trading. The Rs 622 crore transaction value was the whole.

Zomato’s stock price was down 3.15% from the previous session’s NSE closing price as of 10.12 am, trading at Rs 135.2.

Zomato debuted a new feature called ‘daily payouts’ earlier this month with the intention of giving its growing network of restaurant partners vital assistance. Currently, restaurant partners who process 100 or fewer orders per month can use this service.

The meal delivery aggregator stated that it made this decision after speaking with a number of businesses and realising the difficulties small restaurants had making ends meet under the conventional weekly payout arrangement.

The meal delivery platform’s stock has increased by nearly 73% over the last six months, while the benchmark Nifty 50 index has increased by just 11%.

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