Zomato appears to be back in the 'normal' as far as its performance at Dalal Street is concerned. After a tumultuous couple of days of controversy, the Deepinder Goyal-led delivery company's shares are back in the green territory.
Zomato Slapped With GST Notice
The company was hit with double whammies when it was served with two GST notice asking to pay fines, within the span of a week.
Earlier, the Gurugram-based delivery and quick service company was slapped with a GST notice with a penalty of Rs 3.5 lakh.
Zomato added an additional Rs 300 crore to its existing holding, supplementing the overall investment in Blinkit, which was founded as Grofers to Rs 2,300 crore. |
This was followed by GST demand notices from Tamil Nadu and West Bengal authorities. These notices, however, imposed a fine of about Rs 4.59 crore.
As a result of this development, the company shares dropped in the intraday trade yesterday. The losses were over 1 per cent. In fact, the past week of trade has not been merry for the startup, as it had declined by over 3 per cent in that span.
Zomato Shares Bounce Back
On Tuesday, however, the company shares regained momentum after a red day. The shares have progressed reasonably well in the day's trade, with the stock value even gaining over 2 per cent.
That surge faltered a little. Nevertheless, at the halfway mark, Zomato continued to maintain the rise in numbers. At 12:30 IST, Zomato shares gained 1.82 per cent or Rs 4.45. This took the overall value of the shares to Rs 248.90 per share.
Zomato Looks To Build Its Dominance
In the recent past, Zomato has tried to expand further into the quick service era, as it has increased its hold in another application-based service, Blinkit. Zomato added an additional Rs 300 crore to its existing holding, supplementing the overall investment in Blinkit, which was founded as Grofers, to Rs 2,300 crore.
