 "Zomato, food delivery, online")
Shares of India's Zomato Ltd fell as much as 8.2% on Tuesday, extending losses for a second straight day as investors questioned the rationale of the company's deal to buy local grocery delivery startup Blinkit.
The Ant Group-backed food delivery firm said on Friday it would acquire Blinkit for Rs 4,447 crore ($568.16 million) in stock, as it tries to gain a foothold in the fiercely competitive quick delivery market.
The deal comes after it bought a more than 9% stake in SoftBank Group-backed Blinkit for nearly Rs 518 crore in August, with a promise to invest as much as
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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