MUMBAI: Shares of Zomato fell nearly 3 per cent on Tuesday after the Competition Commission ordered a detailed probe against the food delivery platform for alleged unfair business practices.
On Monday, the Competition Commission ordered a detailed probe against food delivery platforms, Zomato and Swiggy, for alleged unfair business practices with respect to their dealings with restaurant partners.
The order has come on a complaint filed by the National Restaurant Association of India (NRAI).
Reacting to the development, the shares of Zomato opened on a weak note at Rs 82.75, then fell further and touched an intra-day low of Rs 82.15 and finally settled for the day at Rs 83.85 apiece, down 2.73 per cent over its previous closing price of Rs 86.20 on the BSE.
Similar movement was seen on the NSE, where the stock opened at Rs 83, then touched an intra-day low of Rs 82.35 and ended at Rs 8375 apiece, down 2.90 per cent over its last close of Rs 86.25.