Last Update: January 03, 2023, 11:42 AM IST
Zomato shares fell 4.31 per cent. (file photo)
Zomato Share Price: Shares of Zomato fell 4.31 per cent to Rs 57.65 on the BSE in Tuesday’s intra-day trade after the food aggregator platform company.
Zomato Share Price: Shares of Zomato fell 4.31 per cent to Rs 57.65 on the BSE in intra-day trade on Tuesday after the food aggregator platform company said in a regulatory filing that its co-founder and chief technology officer Gunjan Patidar had resigned. It fell 4.97 per cent to Rs 57.30 on the NSE.
Patidar was one of the first few employees of Zomato and built the core tech system for the company. Over the past ten-plus years, he has also nurtured a stellar technical leadership team capable of leading the technical operations going forward. His contribution to building Zomato has been invaluable, the company said in a statement.
Gunjan Patidar was not designated as Key Managerial Personnel under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Over the last few months, Zomato has seen several top-level exits. Another co-founder Mohit Gupta had resigned after spending four and a half years with the company.
Earlier, Rahul Ganju, the head of the new initiative, Siddharth Jhawar, the vice-president and head of the Intercity Legends Service, had also resigned.
While management reshuffle happens in the normal course of business, Zomato has seen a flood of exits in a very short span of time. Moreover, this has happened when stability has returned to the stock after a strong September quarter earnings.
The online food delivery platform reported a consolidated net loss of Rs 250.80 crore in Q2 September 2022, as against a net loss of Rs 429.60 crore in Q2 September 2021. 1024.20 cr in Q2 Sep 2021 reported.
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 pay while dining at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools that enable them to engage and acquire customers to grow their business while providing a reliable and efficient last-mile delivery service. The company also operates HyperPure, a one-stop procurement solution that supplies high-quality ingredients and kitchen products to restaurant partners.
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