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Zomato’s shares surge 13%, highest since June after reporting smaller net loss in Q2

The app's consolidated net loss narrowed to 2.51 billion Indian rupees in the July-September quarter, from 4.30 billion rupees a year earlier.

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Bengaluru: Shares of Zomato Ltd jumped 13% on Friday, a day after the food delivery company reported a narrower loss for the second quarter due to a rise in volumes and value of online orders.

The company’ shares rose as much as 13% to 72.25 rupees in early trading, to hit their highest since June 27.

Zomato’s consolidated net loss narrowed to 2.51 billion Indian rupees ($30.73 million) in the July-September quarter, from 4.30 billion rupees a year earlier.

Excluding figures for its recently acquired quick-commerce business Blinkit, Zomato’s loss was 600 million rupees.

It’s gross order value, the total value of all food delivery orders placed online on Zomato’s platform, jumped nearly 23%. -Reuters

(Reporting by Akansha Victor in Bengaluru; Editing by Savio D’Souza)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.


Also read: 10-minute Zomato delivery is a great idea, provided you don’t have many expectations


 

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