Zomato hits new life-time low on reports of merger talks with Blinkit

The board of Zomato also approved acquisition of 16.66 per cent equity in Mukunda Foods for a consideration of $5 million.

Shares of food delivery company Zomato hit a new low of Rs 75.55, down 1.4 per cent on the BSE in Wednesday’s intra-day deals in an otherwise strong market, on reports that the company and online grocery firm Blinkit (formerly Grofers) are in talks for a merger deal.

The stock declined 5.5 per cent from its intra-day high of Rs 79.95. The stock fell below its previous low of Rs 75.75 touched on February 15, 2022.

As of 11:35 am, the stock was down 0.5 per cent at Rs 76.25. In comparison, the S&P BSE Sensex was up