Ashneer Grover says ‘Zomato stock ₹450 ka hota if…’

Shares of online food delivery platform Zomato today tumbled over 11 per cent and hit its all-time low in intra-day trade. Former BharatPe founder and Shark Tank India judge Ashneer Grover took to Twitter and said that if Zomato would have merged with Swiggy instead of BlinkIt, the shares would have jumped to ₹450.

Recently, the food aggregator company Zomato acquired the cash-strapped quick commerce company Blinkit for ₹4,447 crore. Blinkit was earlier known as Grofers. It believed the acquisition will help increase Zomato's hyperlocal delivery fleet utilization and reduce the cost of delivery.

“On the stock market - @letsblinkit served piping hot misery to @zomato in 10 minutes ! Yeh hi agar @Swiggy ko merge kar liya hota to ₹450 ka stock hota !!”Ashneer Grover tweeted.

Zomato shares had fallen to its all-time low on Monday post the ending of the mandatory pre-IPO (Initial Public Offering) shareholders lock-in period on July 23.

Despite Zomato shares been falling for months, Ashneer Grover had in May suggested that buying stocks of the company, wouldn't be a bad idea.

"It’s all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at ₹140 or higher price post IPO, you probably paid more cost per share as Income Tax, than what you can buy it today from market freely. At ₹56 per share price, markets are giving everyone ESOPs," Grover had tweeted on 9 May.

Zomato made a stellar debut on the stock exchanges in July last year. The food aggregator's initial public offering was a success as it was subscribed 38.25 times.

Meanwhile, Ashneer Grover along with his wife Madhuri Jain Grover have formed a new company called Third Unicorn Private Limited, as per data accessed through Tofler. According to the data, Grover and his wife are both directors of the firm founded on July 6. The firm has a total paid-up capital of ₹10 lakh and an authorised share capital of ₹20 lakh.