Today, Zomato’s co-founder Gaurav Gupta has stepped down from the company after six years of his stay, having earned the badge of co-founder even though he wasn’t one. As you know recently Zomato Limited has been listed as an IPO and the process went well, raised $1.3 billion.
However, this afternoon after the announcement of Gaurav Gupta’s exit, people have become more conscious and as soon as it happened, the stocks of the company saw a huge dip.
Trading at Rs.143 average, the peak it reached was up to Rs.152.75, however, since the announcement the shares dipped to a staggering Rs.136.65 at 12:33 PM. Since then the shares have revived a bit and as I write this article the shares are at Rs.144.10 at 3:30 PM.
However, people have been keen on selling their stocks more today having been baffled with one of the major people in the company exit. Zomato is still positive about its growth though recently it stopped its nutraceutical business.
“I am taking a new turn in my life and will be starting a new chapter, taking a lot from this defining chapter of my life – the last 6 years at Zomato. We have a great team now to take Zomato forward and it’s time for me to take an alternate path in my journey. I am very emotional as I write this and don’t think any words can do justice to how I am feeling right now,” Gupta told executives at Zomato in an email as per the company’s blog.