Zomato’s decline continues, DroneAcharya experiences steep growth
- ByStartupStory | January 4, 2023
Zomato shares fell more than 2% to INR 58.9 on the BSE on Tuesday, a day after the foodtech behemoth announced the resignation of Gunjan Patidar, its co founder and chief technology officer.
Patidar’s resignation adds to the long list of top-level executives who have left Zomato in recent months. Zomato stated in an exchange filing that Patidar was not designated as a key managerial personnel.
Shares of Zomato fell as much as 4.3% to INR 57.65 during Tuesday’s intraday trading. Speaking about Tuesday’s trading session, Prashanth Tapse, research analyst, senior VP (research) at Mehta Equities said, “Caution prevailed after IMF (International Monetary Fund) head Kristalina Georgieva warned that 2023 is going to be a tough year as the main engines of growth, namely the US, Europe, and China, are all experiencing weakening activity.”
Zomato’s market capitalisation fell by nearly 58% in 2022 due to macroeconomic headwinds and concerns about its profitability.
While Zomato’s decline continues, recently-listed tech startup DroneAcharya is experiencing a significant stock market rally. Following a 27% gain last week, the drone startup’s stock rose about 10% in two sessions this week.
DroneAcharya’s stock rose 5% on Tuesday, reaching the upper circuit at INR 150.55. On Monday, the stock rose 5%. On December 23, 2022, DroneAcharya was listed at INR 102 on the BSE SME platform, a premium of nearly 90% over its issue price of INR 54 per share. Its shares were oversubscribed 262 times due to strong demand from both HNIs and retail investors.
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