The shares of Zomato, Larsen & Toubro (L&T) Infotech, Solara Active Pharma Sciences, Indiabulls Real Estate, Tata Teleservices (Maharashtra) (TTML), and TV18 Broadcasting from the S&P BSE index have fallen more than 25 per cent. Meanwhile, the S&P BSE Sensex was down 6.6 per cent in the past month.
On Wednesday’s trade, Zomato Ltd’s shares hit a new low of Rs 64.70, down 7 per cent on the BSE. The stock traded lower for a fifth straight day and has slipped 19 per cent during the period.
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In April, it has corrected 25 per cent following reports that the Competition Commission of India (CCI) has ordered a detailed probe against food delivery platforms, Zomato and Swiggy for alleged unfair business practices concerning their dealings with restaurant partners.
On its part, Zomato has clarified that the company will continue to work closely with the Commission to assist them with their investigation and explain to the regulator that its practices compliance with the competition laws. “We intend to promptly comply with any recommendations given to us by the Commission,” Zomato said in an exchange filing.
