Zomato shares rose 8 percent in Tuesday’s early session amid strong trading volumes and demand from traders on Broker Street. With the stock rising, the food delivery player has recovered a market capitalisation (M-cap) of Rs 50,000 crore.
About 66.8 lakh equity shares worth Rs 39.36 crore exchanged hands on BSE till 10.30 am, higher than its two-week average trading volume, according to data from BSE. On the other hand, 9.78 crore shares worth Rs 577.03 crore were traded on the National Stock Exchange (NSE).
Shares of Zomato jumped nearly 8 percent to 60.40 on Tuesday, but the stock gave up some of its gains to trade at Rs 59 at 10.30 am and the company commands a market capitalization of less than Rs 50,500 crore. The stock settled at Rs 55.96 on Monday.
Shares of Zomato have risen nearly 20 percent in the past one month, while the stock has recovered nearly 50 percent from its 52-week low.
Despite this increase, Zomato is down 25 per cent from last year, when it is 21 per cent lower than the issue price of Rs 76.The stock is still more than 60 percent off its record high near the 160-mark.
Listed in July 2021, Zomato is a leading online food service platform. Its offerings include food delivery and dining-out services where customers can search and discover restaurants, order food, book a table and pay for food at the restaurant. The company raised around Rs 9,375 crore from its initial stake sale.
