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Zomato stock declines 5% in morning trade

Shares of online food delivery platform Zomato declined 5% 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% to Rs 57.65 on the BSE. At the NSE, it fell 4.97% 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.

Image source: Shutterstock


Zomato’s CTO Gunjan Patidar steps down

It, however, did not disclose reasons for his resignation.

Zomato has seen several top executives quit in recent months. In November, Mohit Gupta, who was elevated to the status of Co-founder in 2020, and Rahul Ganjoo, Head of New Businesses at Zomato, stepped down.

Zomato’s Vice President of Global Growth, Siddharth Jhawar, resigned from his position to join Moloco as the Country Manager for India. In August, Zomato was looking to create a group business under a multi-CEO model. The group company was likely to be called Eternal, according to earlier reports based on Zomato’s internal communication.

(Disclaimer: Additional background information has been added to this PTI copy for context)

Edited by Megha Reddy

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