Shares of foodtech major Zomato slumped as much as 5.4% to INR 256 during the intraday trading on the BSE today (October 18), a day after the company said that its board would consider raising funds via qualified institutional placement (QIP).
However, the stock shed some of the losses to end the day 4.9% lower at INR 257.40 on the BSE.
As many as 10.7 Cr shares of Zomato were traded during today’s session. The company’s market capitalisation stood at INR 2,28,987 Cr (around $27.2 Bn) at the end of the day.
In the broader market, Sensex closed the day’s trade up 0.27% at 81,224.75 after two consecutive sessions of decline.
While Zomato didn’t disclose the quantum of funding its board plans to consider in its meeting on October 22, reports said that the board will consider raising INR 8,500 Cr (about $1 Bn)
(The story will be updated soon)
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