Shares of Zomato fell nearly 3 per cent on Tuesday after the Competition Commission ordered a detailed probe against the food delivery platform for alleged unfair business practices.
On Monday, the Competition Commission ordered a detailed probe against food delivery platforms, Zomato and Swiggy for alleged unfair business practices concerning their dealings with restaurant partners.
The order has come on a complaint filed by the National Restaurant Association of India (NRAI).
Reacting to the development, the shares of Zomato opened on a weak note at Rs 82.75, then fell further and touched an intra-day low of Rs 82.15 and finally settled for the day at Rs 83.85 apiece, down 2.73 per cent over its previous closing price of Rs 86.20 on the BSE.
A similar movement was seen on the NSE, where the stock opened at Rs 83, then touched an intra-day low of Rs 82.35 and ended at Rs 83.75 apiece, down 2.90 per cent over its last close of Rs 86.25.