Deepinder Goyal's Zomato stock tumbles 11% after 57% drop in consolidated net profit in December quarter

Shares of food tech firm Zomato tumbled 11 per cent on Tuesday after the food delivery aggregator reported a 57.2 per cent drop in consolidated net profit in the December quarter. The scrip of the company plummeted 10.92 per cent to close at Rs 214.65 apiece on the BSE. The market capitalisation (mcap) of the company plunged by Rs 25,380.41 crore to Rs 2,07,144.78 crore. On the NSE, shares of Gurugram-headquartered Zomato declined by 10.16 per cent to settle at Rs 215.40 per piece.

In volume terms, 30.82 crore equity shares of Zomato traded on the NSE and 1.76 crore shares exchanged hands on the BSE during the day. Meanwhile, shares of Swiggy also depreciated over 8 per cent on the stock exchanges after its competitor Zomato reported a slowdown in its business.

Swiggy's shares slumped 8.08 per cent to finish at Rs 440.30 apiece on the BSE. The stock of the company fell 8.01 per cent to end at Rs 440.80 each on the National Stock Exchange (NSE).
The 30-share BSE Sensex plummeted 1,235.08 points or 1.60 per cent to settle at 75,838.36 and the broader NSE Nifty plunged 320.10 points or 1.37 per cent to close at 23,024.65.

Further, this is the biggest single-day drop for Swiggy's shares since its listing last year. Swiggy is yet to announce its December quarter results.

On Monday, food tech unicorn Zomato reported a 57.2 per cent drop in consolidated net profit for the December quarter to Rs 59 crore, with its margins facing pressure due to aggressive store expansion to meet orders from its quick-commerce platform Blinkit.

The company had earned a net profit of Rs 138 crore in the year-ago period. The company's consolidated revenue from operations stood at Rs 5,405 crore against Rs 3,288 crore in the December quarter of the previous financial year.