scorecardresearchZomato shares in the red after co-founder and CTO Gunjan Patidar quits

Zomato shares in the red after co-founder and CTO Gunjan Patidar quits

Updated: 03 Jan 2023, 12:46 PM IST
TL;DR.
  • The stock price has underperformed its sector by 36.23 percent in the past year.
Zomato shares trading 2.24% lower

Zomato shares trading 2.24% lower

Shares of Zomato Ltd were trading in the red zone on Tuesday following the resignation of its co-founder and chief technology officer Gunjan Patidar on Monday.

Patidar was one of Zomato's first few employees and built the company's core tech systems.

"Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable," said the company in an exchange filing.

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Zomato : 55-63 levels are the broad range for the stock, says analysts

The shares of the online food aggregator slumped over 3 percent in the early trade following the news. 

The stock has fallen 58.58 percent from the 52-week high of 142.4 recorded on January 4, 2022, and it has underperformed its sector by 36.23 percent in the past year. The stock's weekly average delivery volume is 39.57 percent.

According to analysts, Zomato is a range bound stock with 55-63 levels being the broad range.

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First Published: 03 Jan 2023, 12:46 PM IST