Zomato’s share price was set to extend losses into a fifth straight session on Monday, going down over 1% to hit an intraday low of ₹273.20.
Akriti Chopra, co-founder and chief people officer at Zomato, resigned from her role over the weekend. The exchange filing said she is stepping down to “pursue other interests.”
Chopra began her journey with Zomato in 2011 as a senior manager of finance and operations, where she was instrumental in establishing and scaling business finance functions across multiple verticals.
Global brokerage firm CLSA maintained its upbeat outlook on the stock. CLSA maintained an “outperform” rating on Zomato with a target price of ₹283.90 per share. It said Zomato was its top pick in the food delivery space, noting its significant gains in key metrics over competitor Swiggy during FY24 and Q1FY25.
The analysts also noted that quick-service restaurants (QSRs) are gradually losing market share to food delivery aggregators like Zomato. While Swiggy faces challenges, CLSA expects it to be in a better position once it addresses its funding gap, which may improve its competitive standing.
Zomato’s share price was down 0.45% to trade at ₹276.90 as the markets opened on Monday.
