Eternal shares fall 2.5% to hit five-month low as Blinkit CFO resigns

Eternal shares hit five-month low as Blinkit CFO resigns

Shares of food and delivery tech platform Eternal (formerly Zomato) fell 2.5% on December 30, a day after Moneycontrol reported that the chief financial officer of its quick-commerce arm Blinkit had resigned. At 12 pm, the stock was trading 2.5% lower at 275.9 on NSE, a five-month low.

Vipin Kapooria, chief financial officer of Blinkit, has resigned and is expected to return to his former employer, e-commerce giant Flipkart, Moneycontrol reported citing sources. Kapooria's resignation comes just about a year after he joined the company. It also comes at a time when competition in the quick-commerce sector is increasing, according to the news report.

So far Tuesday, a little over 8 million shares of the company have changed hands on exchanges.

Kapooria has spent over seven years at Flipkart and is now heading back to the company just before its planned IPO in 2026.

Blinkit had hired Kapooria as its CFO after a long break. His appointment also marked the first time that Blinkit had a full-time designated CFO since Amit Sachdeva, who worked at the company as CFO and head of finance between 2019 and 2022, left the firm.

The move to have Kapooria as its full-time CFO had come just a few months after Zomato had said Blinkit is the company’s most important business division and just weeks after Zomato (now Eternal) had raised Rs 8,500 crore ($1 billion) through its QIP.

It remains unclear who Blinkit will appoint as Kapooria’s replacement.

Meanwhile, Zepto’s IPO would also mean the top three quick commerce startups will all compete in the public markets, a landmark event for an industry that did not exist just 5-6 years ago.