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‘Zomato shares would be ₹450!’ Ashneer Grover on food app's stocks slump
Recently, Zomato had announced the acquisition of BlinkIt for ₹4,447.48 crore in a share swap deal as part of its strategy to invest in quick commerce business.
BharatPe founder Ashneer Grover on Tuesday claimed that the shares of online food delivery app Zomato would have been ₹450 had it merged with another app Swiggy. BlinkIt was formerly known as Grofers. It was Ashneer Grover who had founded the company in 2015.
Taking to Twitter, the Shark Tanks India judge said,"On the stock market- @letsblinkit served piping hot misery to @zomato in 10 minutes ! Yeh hi agar
@Swiggy mko merge kar liya hota to ₹450 ka stock hota !!".
The shares of Zomato continued to plummet day after it hit a record low on Monday after the expiration of mandatory lock-in period. As per figures at 12.50 pm, each share of Zomato was being sold at ₹43.35 on the Bombay Stock Exchange.
On Monday, the stocks tanked 11.37 per cent to settle at ₹47.55 apiece on the BSE. During the day, it tumbled 14.25 per cent to its all-time low of ₹46. On the NSE, shares of the company ended at ₹47.60 apiece, lower by 11.27 per cent.
Recently, Zomato had announced the acquisition of BlinkIt for ₹4,447.48 crore in a share swap deal as part of its strategy to invest in quick commerce business. The company's board at a meeting approved the acquisition of up to 33,018 equity shares of Blink Commerce Pvt Ltd from its shareholders for a total purchase consideration of ₹4,447.48 crore at a price of ₹13.45 lakh per equity share, Zomato said in a regulatory filing.
In March, Grover resigned as managing director of his Fintech firm BharatPe. This after his wife Madhuri Jain Grover was fired from her position.
