Shares of the online delivery firm Zomato went down by more than 7.5% hitting $0.74 (₹58.20) per share on Bombay Stock Exchange in India. This has declined more than 14% in two days after the Zomato announced the Blinkit acquisition. They are also down by 48% after they went public last July.
Zomato nearly lost $1 billion since the announcement of the acquisition of loss making Blinkit. Leading the loss of almost $0.97 (₹76.78) per share in market capitalization.
Deal Details
Food delivery giant has officially announced the acquisition of grocery delivery start-up Blinkit for $568 Million. Zomato shares on Monday morning were trading at higher. After the board’s approval for the acquisition of Blinkit its share went up further by 3%.
As per the deal, Zomato will issue up to 62...
