Zomato stock declines 5% in early trade after CTO Gunjan Patidar quits

FPJ Web DeskUpdated: Tuesday, January 03, 2023, 02:57 PM IST
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Zomato's stock saw a 5% drop in the price, a day after its co-founder and former CTO (Chief Technology Officer) Gunjan Patidar announced his resignation.

On the BSE, the stock fell 4.31 percent to Rs 57.65. It fell 4.97 percent to Rs 57.30 on the NSE.

In terms of volume, 14.86 lakh shares of the company were traded in morning trade on the BSE, while 2.20 crore shares were traded on the NSE.

Patidar was one of the first few employees of Zomato and built the core tech systems for the company, it said in a exchange filing on Monday.

"Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," the company said.

It, however, did not disclose reasons for his resignation.

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