Zomato’s shares fell for the second day in a row on Tuesday, tumbling more than 8 percent
New Delhi:
Shares of Zomato Ltd fell for the second day in a row on Tuesday, tumbling more than 8 percent amid concerns over the company’s proposed acquisition of Blink Commerce Pvt Ltd (formerly known as Grofers) for Rs 4,447.48 crore.
The stock plunged 8.35 percent to settle at Rs 60.35 on the BSE. During the day, it fell 9.18 percent to Rs 59.80.
On the NSE, it fell 8.04 percent to settle at Rs 60.55 apiece.
Shares of Zomato also fell by more than 6 percent on Monday.
In two days, the market value of the company has fallen by Rs 7,861.49 crore to Rs 47,517.51 crore on the BSE.
Zomato Ltd had said last Friday that it will acquire Blink Commerce Pvt Ltd for Rs 4,447.48 crore in a share swap deal as part of its strategy to invest in fast trading business.
Blink Commerce Pvt Ltd operates the online fast trading service under the brand name Blinkit. It used to be called Grofers.
The transaction will be executed by issuing and allocating up to 62.85 crore fully paid up shares of Zomato with a par value of Re 1 each at a price of Rs 70.76 per share of shares on a preferential basis, it added.
