Zomato Slumps Over 5% As Co To Consider Fundraise Via QIP

Shares of Zomato fell by 5.4% to INR 256 during intraday trading on October 18, 2024, following the announcement that its board would consider raising funds via qualified institutional placement (QIP). The stock ended the day 4.9% lower at INR 257.40. The company plans to raise INR 8,500 crore through this method. This move comes as Zomato aims to bolster its financial position and support its growth initiatives. The decision to raise funds via QIP is seen as a strategic step to enhance liquidity and fund expansion plans, including investments in its quick-commerce unit, Blinkit1.