Zomato’s Shares Rally 13% On Narrower Quarterly Loss Report

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Zomato's Shares Rally 13% On Narrower Quarterly Loss Report

Zomato’s shares surge 13% on narrower quarterly loss

BENGALURU:

Shares of Zomato Ltd jumped 13 per cent on Friday, a day after the food delivery company reported a narrower loss for the second quarter due to a rise in volumes and value of online orders.

The company’ shares rose as much as 13% to 72.25 rupees in early trading, to hit their highest since June 27.

Zomato’s consolidated net loss narrowed to 2.51 billion Indian rupees ($30.73 million) in the July-September quarter, from 4.30 billion rupees a year earlier.

Excluding figures for its recently acquired quick-commerce business Blinkit, Zomato’s loss was 600 million rupees.

It’s gross order value, the total value of all food delivery orders placed online on Zomato’s platform, jumped nearly 23 per cent.

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