Zomato Shares Surge Over 3% Despite Insolvency Plea Over Unpaid Dues Of ₹1.64 Crore

Zomato shares zoomed in the intraday trading session on Tuesday, March 14. This comes to pass after some major developments surrounding the company.

Zomato's Unpaid Dues

After a major insolvency plea against Ola Electric last week, another company has come under the scanner for the same reason.

Nona Lifestyle, a Gurgoan-based uniform supplier, moved the National Company Law Tribunal (NCLT). The B2B uniform seller initiated the corporate insolvency resolution process against Zomato.

These insolvency proceedings were initiated over alleged non-payment of dues, for an amount to the tune of Rs 1.64 crore. This non-payment is for the iconic uniforms used by the company's delivery partners.

Zomato has denied the allegations and opposed the restoration of the insolvency plea. The company has claimed that there is a pre-existing dispute regarding the claims made by Nona Lifestyle.

The company even argued that this particular development cannot be listed under insolvency.

Meanwhile, the company shares that were added to the venerated Sensex 30, followed by Nifty 50 increased in value in the new trading session.

Zomato Shares

The food delivery company's shares opened at Rs 204.28, higher than the previous day's Rs 203.69 per share. The surge only increased in magnitude, as the trading session progressed further.

It is to be noted, that secondary markets at large are seeing a major spike after periods of decline, in the previous weeks.

At the time of writing, the Gurugram-based company shares surged by 3.29 per cent or Rs 6.71. This took the overall value of the company stocks to Rs 210.40 per share.

Zomato's Recent Developments

Apart from the insolvency proceedings, this surge in value comes at a time, when the Deepinder Goyal-led company is moving towards rebranding itself, changing its name to Eternal.

Enterprises like Zomato, the food delivery platform, Blinkit, the Q-commerce company, District, the ticketing company, and Hyperpure, the wholesale suppliers company will come under one banner.

Deepinder Goyal also recently helped raise USD 20 million for LAT Aerospace, a company founded by his former chief operating officer, Surobhi Das.