Zomato shares may see limited upside in the near-term amid news-flow around government-backed ONDC expanding its footprint in the delivery market, believe analysts.
Zomato shares have dropped 4 per cent in three days on the BSE.
By comparison, the benchmark S&P BSE Sensex has added 0.2 per cent.
ONDC to test Zomato s dominance; valuation mark-down likely: Analysts thenorthlines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenorthlines.com Daily Mail and Mail on Sunday newspapers.
The ‘adjusted profitability’ story seems to be making fund managers positive on some new-age stocks. Paytm reported its first-ever adjusted EBITDA profitability in December 2022 and Zomato (ex- Blinkit) turned adjusted EBITDA positive in January 2023