Zomato falls 5% on reports of CCI probe against unfair business practices

In the past three months, Zomato has underperformed the market by falling nearly 40 per cent, as compared to a 0.4 per cent rise on the S&P BSE Sensex.

Shares of Zomato plunged to Rs 82.15 on the BSE in Tuesday’s intra-day trade on the back of heavy volume following reports that the competition Commission (CCI) on Monday ordered a detailed probe against food delivery platforms, Zomato and Swiggy, for alleged unfair business practices with respect to their dealings with restaurant partners.

The stock of food delivery company had hit a record low of Rs 75.55 on March 16, 2022. The stock had registered a record high of Rs 169.10 on November 16, 2021. Zomato had raised Rs 9,375 crore through initial public offer (IPO) by issuing shares