This Article is From Apr 05, 2022

Competition Commission's Probe Pushes Zomato Shares To Fall Nearly 3%

Zomato Share: Zomato's shares fell nearly 3 per cent after the CCI ordered a probe against the company for alleged unfair business practices.

Competition Commission's Probe Pushes Zomato Shares To Fall Nearly 3%

Zomato falls nearly 3 pc after CCI orders probe for alleged unfair biz practices

Mumbai:

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.

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