Zomato stock declines 5 pc in morning trade

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Zomato’s co-founder and CTO resigns, stock declines by 4.31 per cent to Rs 57.65 on the BSE

New Delhi: Shares of online food delivery platform Zomato declined 5 per cent on Tuesday, a day after its co-founder and Chief Technology Officer Gunjan Patidar resigned from the post.

The stock went lower by 4.31 per cent to Rs 57.65 on the BSE.

At the NSE, it fell 4.97 per cent to Rs 57.30.

In volume terms, 14.86 lakh shares of the company were traded at the BSE in morning trade, while 2.20 crore shares on the NSE.

Patidar was one of the first few employees of Zomato and built the core tech systems for the company, it said in a regulatory filing on Monday.

“Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” the company said.

It, however, did not disclose reasons for his resignation.
Read more here.

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