CLSA also hiked the target price on Zomato shares to Rs 400 apiece, indicating a 64 percent upside from current levels
Goyal will, however, continue to discharge his roles and duties as MD and CEO of Zomato during the period. He is also entitled to variable pay, the total amount of which will be decided by the board at a later date.
When compared to certain global delivery peers, who are facing concerns with scaling up and seeing pressure on margins, market experts are predicting a continued rise in Zomato.
In December, Softbank’s venture capital fund, SVF Growth (Singapore) PTE had exited Zomato and sold 9.36 crore shares worth Rs 1,127.51 crore through open market transactions
The stock of the foodtech giant declined 2.02 per cent to close at Rs 53.30 apiece on the BSE.
Taking to Twitter, Goyal shared the food delivery giant's financial results for the third quarter of FY23 and stated, "At Zomato, winter is NOT coming."
RPG Enterprises Chairman Harsh Goenka joined the trolling against Zomato with a funny video - his latest swipe at the food delivery giant.
"It’s all about perspective," Ashneer Grover had said. "At Rs 56 per share price, markets are giving everyone ESOPs (employee stock ownership)."
Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60 percent of their value since then.
In June 2022, Zomato bought Blinkit in an all-stock deal valued at around $570 million.