Zomato's shares surged over 7% in the previous session and continued to rise by 4.12% on Wednesday, reaching ₹227.35 on the BSE. Despite the ongoing rally, the company faces a revived insolvency plea from Nona Lifestyle Private Limited. The stock has gained nearly 9% in the last five trading sessions, with rising trading volumes indicating strong near-term demand.
Analysts predict further gains ahead of the Indian Premier League 2025, as food and grocery deliveries typically spike during the tournament. BlinkIt's dominance in quick commerce is expected to boost Zomato's profits.
Despite recent gains, Zomato's stock remains down 3% over the past month, 19% in six months, and 18% this year, but it has risen 44% over the past year. The insolvency case, initially dismissed due to non-prosecution, has been revived under Rule 11 of the NCLT Rules, 2016. Nona Lifestyle claims Zomato defaulted on a ₹1.64 crore payment, a charge the company denies. The case was heard by the Delhi NCLT but was adjourned to April.
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