Zomato is going in the right direction at the wrong time — at least that’s what the market seems to think.
On Friday after the meeting, the Indian food delivery company said it would buy 10-minute grocery delivery startup Blinkit for about $578 million in a stock and cash transaction. : a long awaited play for the fiercely competitive market for fast trade — delivery within 10 to 30 minutes of placing an order. But the stock fell as much as 7% on Monday before recoupling some of the losses. Shares are down 61% since hitting a record in November.
