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Shares of online food delivery platform Zomato fell over 1 per cent in late morning trade on Friday after the company reported widening of net loss for the third quarter.

In late morning trade, the stock of the foodtech giant fell 1.47 per cent to Rs 53.60 on the BSE. On the NSE, it went lower by 1.38 per cent to Rs 53.65.

Meanwhile, the 30-share BSE Sensex was trading 118.15 points or 0.19 per cent lower at 60,688.07.

On Thursday, Zomato reported widening of consolidated net loss to Rs 346.6 crore for December quarter 2022-23, impacted by higher expenses and slowdown in food delivery business.

It had posted a loss of Rs 67.2 crore in the same quarter last fiscal year, the company said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 1,948.2 crore as against Rs 1,112 crore earlier.

Total expenses were at Rs 2,485.3 crore in the third quarter, it added.

Source : https://www.dailypioneer.com/2023/trending-news/zomato-shares-fall-more-than-1-pc-after-q3-loss-widens.html


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