'If It Had Merged With Swiggy...' Ashneer Grover Takes A Dig At Zomato As Shares Continue To Fall

The past two days have witnessed Zomato's share price plummeting to all-time low and nearing the Rs 40 mark. The online food delivery giant¡¯s stock had closed at Rs 41.65 yesterday and has already touched the Rs 40.55 mark today morning, which is its new all-time low.

And amidst this bloodbath of Zomato stock, Shark Tank India¡¯s Ashneer Grover, who is the founder and former MD of BharatPe, took a dig on Zomato yesterday.

On Twitter, Ashneer Grover said the shares of Zomato would have risen to Rs 450 if it had merged with Swiggy instead of Blinkit (ex Grofers).

He tweeted: ¡°On the stock market - @letsblinkit served piping hot misery to @zomato in 10 minutes! Yeh hi agar @Swiggy ko merge kar liya hota to ?450 ka stock hota!!"

On the stock market - @letsblinkit served piping hot misery to @zomato in 10 minutes ! Yeh hi agar @Swiggy ko merge kar liya hota to ?450 ka stock hota !!

¡ª Ashneer Grover (@Ashneer_Grover) July 26, 2022

For the uninitiated, food delivery platform Zomato had paid a mammoth Rs 4,447 crore about a month ago to acquire Blinkit, a cash-strapped rapid commerce company, as per ET.

Previously, Ashneer Grover was the Chief Financial Officer (CF) at Blinkit for two years till August 2017.

Zomato shares had nosedived on Monday as well after the pre IPO lock-in period of 1 year expired. Zomato¡¯s shares had reached an all-time high of Rs 169 in November 2021.

Zomato Stock 'Not A Bad Idea'

Moreover, despite the fact that Zomato shares have been declining for several months after the stellar stock market debut last year after IPO, Ashneer Grover had advised in May 2022 that purchasing the company's stock wouldn't be a bad idea.

HT

Grover had tweeted: "It¡¯s all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at ?140 or higher price post IPO, you probably paid more cost per share as Income Tax, than what you can buy it today from the market freely. At Rs 56 per share price, markets are giving everyone ESOPs."

It¡¯s all about perspective. If you were a Zomato employee and exercised your ESOP at ?140 or higher price post IPO, you probably paid more cost per share as Income Tax, than what you can buy it today from market freely. At ?56 / share price, markets are giving everyone ESOPs ;)

¡ª Ashneer Grover (@Ashneer_Grover) May 9, 2022

Also Read: Zomato CEO To Pledges Rs 700 Crore Towards Education Of Delivery Partners' Children

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