Zomato dropped 6.62% to Rs 48.65, its lowest level since July 2022.
The counter clocked volumes of 1.14 crore shares on the BSE, as against an average quantity of 46.28 lakh shares in the past one quarter.The counter clocked volumes of 16.75 crore shares on the NSE, as against an average quantity of 6.65 crore shares in the past one quarter.
The counter hit a record low of Rs 40.55 on 27 July 2022.
The stock underperformed the market over the past one month, falling 9.24% compared with 0.85% rise in the Sensex.
The scrip underperformed the market in past one quarter, sliding 24.69% as against Sensex's 1.36% decline.
The scrip also underperformed the market in past one year, dropping 51.59% as against Sensex's 4.31% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 29.49. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 59.74, 61.60 and 62.19, respectively. These levels will act as resistence zones in near term.
Meanwhile, the media reported that Zomato on 24 January 2023 relaunched its loyalty programme, Zomato Gold. Customers may use this service to get savings on food delivery and in-restaurant dining. To use this service, users need to pay an initial registration fee of Rs 149 for a three-month membership.
Zomato suspended Pro Plus in July 2021 as it was aiming to revamp its loyalty programme to focus more on dining in. Zomato has also discontinued its 10-minute meal delivery service due to difficulties in expanding the business, media reports added.
Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.
The company reported a consolidated net loss of Rs 250.80 crore in Q2 September 2022, as against net loss of Rs 429.60 crore in Q2 September 2021. Revenue from operations stood at Rs 1661.30 crore in Q2 September 2022, up 62.2% from Rs 1024.20 crore reported in Q2 September 2021.
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