Zomato’s share price fell by over 2% on Monday, marking the fifth straight day of losses. The stock dropped as low as ₹272.15 on the BSE, sliding more than 8% in the past five days.
This decline comes after Zomato hit a 52-week high of ₹298.20 on September 24, followed by the news that co-founder and Chief People Officer Akriti Chopra resigned on September 27 after 13 years with the company.
Despite the recent dip, analysts still see potential in Zomato shares. The stock has gained over 9% in the past month and more than 37% in three months, delivering a 122% return this year and over 170% in one year.
Market expert Milan Vaishnav believes Zomato’s stock remains in an uptrend as long as it stays above ₹255 – ₹258. He predicts the next target price to be ₹290 – ₹295 but advises investors to wait for this level before entering new positions. Existing investors should set a stop-loss at ₹255.
As of 12:05 PM on Monday, Zomato shares were trading at ₹273.80.
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