Zomato loses 65% value in 2022 so far but Deepinder Goyal says company is racing toward profitability

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 The Zomato stock has seen a series of headwinds since its debut on Dalal Street a year ago. Zomato shares have lost more than two thirds of their value since a record high scaled in November 2021. Here’s what’s ailing the stock.

Food delivery company Zomato, which went public in July 2021, has seen a massive decline on Dalal Street in the past few months. As of Tuesday, Zomato’s shares ended at Rs 58.95, which is about 65 percent below its all-time high of Rs 169 touched on November 16, 2021. Investors have already lost almost two-thirds of their money in Zomato shares so far in 2022.

On June 24, Zomato’s board approved the acquisition of Blinkit (Blink Commerce Pvt Ltd) for Rs 4,447 crore in an all-stock deal. The company lost about $1.1 billion of its market value two days after the announcement.

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