Monday, September 25, 2023

Ashneer Grover blames Zomato’s Blinkit acquisition for share price drop

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Earlier Co-founder of BharatPe and director Ashneer Grover said that on Tuesday Zomato should have acquired his arch-rival swiggy than 10 minutes shopping platform Blinkit to avoid the chaos in Dalal Street.

Zomato’s share price fell more than 11 percent on Monday and more than 7 percent to hit a low of Rs 43.05 on Tuesday.

According to Grover, the merger of Swiggy would have resulted in Zomato, led by Deepinder Goyal, reaching 450 rupees per share.

“In the stock market – letsblinkit served up red hot misery to Zomato in 10 minutes! Yeh hi agar Swiggy ko merge kar liya hota to Rs 450 ka stock hota!” (Had Zomato merged with Swiggy, the share price would have been Rs 450), Grover tweeted.

Zomato acquired Blinkit for about $568 million, saying fast trading is a natural extension of its food delivery business.

Shares of the food delivery platform hit a new low of Rs 43.05 on Tuesday, wiping out more than Rs 89,000 crore.

In May, Grover had said it wouldn’t be a bad idea to buy Zomato stock, even if it had been falling for months.

“It’s all about perspective. If you were a Zomato employee and exercised your ESOP (Employee Shareholding) after the IPO of Rs 140 or above, you probably paid more cost per share as income tax than what you can freely buy in the market today. a price of Rs 56 per share, the markets are giving everyone ESOPs,” he tweeted.

Grover, together with his wife Madhuri Jain Groverhas set up a new company called ‘Third Unicorn Private Limited’ which has both husband and wife as directors, according to data available on Tofler.

Third Unicorn has a registered capital of Rs 20 lakh and a total paid-up capital of Rs 10 lakh.

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