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Zomato Stock Drops Amid Fierce Competition

Zomato's stock dropped over 5% after Macquarie predicted a nearly 50% decline due to rising competition in the quick commerce sector.

Macquarie maintained its "underperform" rating on Zomato, setting a price target of Rs 96, implying a 46% potential downside from the current price.

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JioMart's entry into 30-minute grocery delivery increases competitive pressure, challenging Blinkit, Zomato's quick commerce arm, and impacting its market position.

Despite Goldman Sachs' positive valuation of Blinkit, Macquarie remains cautious. Blinkit did turn EBIT positive with revenue doubling to Rs 769 crore.

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