Zomato shares reached an intraday low of Rs 60.45, down 8.2% from yesterday's finish on the BSE of Rs 65.85. With today's decline, the stock's two-session loss is now Rs 9.9, or 14.07 percent.
Zomato's stock has dropped 14% in the previous two sessions after the company said it would acquire local grocery delivery startup Blinkit for Rs 4,447 crore ($568.16 million) in an all-stock deal. Shares of Zomato reached an intraday low of 60.45 rupees, down 8.2% from yesterday's finish on the BSE of 65.85 rupees. After today's decline, the stock has dropped Rs 9.9, or 14.07%, over the past two trading days.
The stock has dropped from Friday's closing price of Rs 70.35 to today's intraday low of Rs 60.45, representing a loss of 14.07% over the past two trading days. Compared to the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, Zomato stock is now trading lower.
The stock has dropped 1.37 per cent in a month and 55.47 per cent in 2022. On November 16, 2021, shares of Zomato reached a 52-week high of Rs 169.10, and on May 11, 2022, they reached a 52-week low of Rs 50.35. Zomato purchased a 9.1% share in Blinkit in August of last year for around Rs 518 crore ($66.16 million).
Zomato said earlier this year that it would spend up to $400 million over the next two years in the Indian fast-commerce industry. Delivering anything from gadgets to milk, eggs, fruits, and veggies, Blinkit operates in over 20 Indian towns. According to Zomato, the business had a gross merchandise value run rate of around $450 million as of January.