STOCK Market UPDATE: Zomato share plunges after Q3 results; Check

Zomato's share price has fallen sharply after the release of its quarterly results. The stock has dropped by nearly 14% since the results were announced on January 20th

On January 21st, Zomato's shares fell by almost 11%. On January 20th, they had declined by 3.64%. On Monday, the shares closed at ₹239.75

Zomato reported a 57% decline in profit in the third quarter. The company's consolidated net profit fell to ₹59 crore, compared to ₹138 crore in the same quarter last year

Nomura praised Blinkit's strong balance sheet and workforce. Jefferies believes Zomato can perform well but lowered its target price

Bernstein praised Zomato's improved food delivery margins in Q3 and viewed Blinkit's expansion of dark stores positively, setting a target price of ₹310

Nuvama noted that the increase in Blinkit's dark stores is driving growth, but initial setup costs may impact short-term profits

CLSA is positive on Zomato with a buy rating and a target price of ₹400. Bank of America also gives a buy rating with a target of ₹375

Morgan Stanley and JP Morgan have overweight ratings with target prices of ₹355 and ₹340, respectively. UBS recommends buying the stock with a target of ₹320

Macquarie has an underperform rating on Zomato with a target price of ₹130. Jefferies recommends holding the stock with a target of ₹255

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