New Delhi:- Zomato shareholders had an expectation after the acquisition of Blinkit that the stock would now take an upward path, but this did not happen. What happened was quite the opposite. Even after the news of the acquisition of Blinkit, its shares have fallen further by 20 percent. Shares of Zomato have been falling continuously for the last 6 sessions. It had broken more than 2 percent in this morning’s trading as well.
Its stock opened today with a gap of 2 percent and put a low of Rs 54.05 on NSE. If we talk about the acquisition of Blinkit, then since that time the stock was trading at Rs 70.50. It can touch the level of Rs 30 to Rs 25. This will happen only when it closes below the price of Rs 50. Experts have advised investors not to make fresh entry in it. Those who already hold this stock can wait with stop loss of Rs.50. This means that if it is closed below Rs 50 then get out of it.
Sumeet Bagdia, Executive Director, Choice Broking said Zomato stock is looking weak on the chart pattern and it may further weaken below the ₹50 level. Those who are holding stocks are advised to maintain a strict stop loss below ₹50, as the stock can go up to ₹30 to ₹25 per share after breaking it. In such a situation, investors are not taking it easily. They believe that the company which is running in open loss, and is acquiring another company.