Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Register Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023

Zomato sees steepest intraday fall in one year as it rebrands ‘Instant’

The stock fell 14 percent intraday on January 25, 2023, which is the steepest fall since January 24, 2022 when it saw a 19 percent drop

January 25, 2023 / 02:36 PM IST
Zomato disabled its 10-minute food delivery service after it struggled to grow

Zomato disabled its 10-minute food delivery service after it struggled to grow

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

A day after media reports claimed Zomato is shutting down it 10-minute food delivery service, the company has refuted the same and announced that it is rebranding the business.

As per earlier reports, the company had decided to scrap Zomato Instant due to struggle with its growth amid tough market conditions and challenges in achieving profitability that the company hoped for.

“Instant is not shutting down. We are working on a new menu with our partners and rebranding the business. All finishing stations remain intact, and no people are impacted by this decision," a Zomato spokesperson said.

The stock fell 14 percent intraday on January 25, 2023, which is the steepest fall since January 24, 2022 when it saw a 19 percent drop. Its shares were trading at Rs 48.05 on NSE as of 1.27 P.M down 7.6 percent compared to yesterday’s closing of Rs 52.