Zomato share price extends decline for the fifth straight session. Opportunity to buy?

Zomato share price declined over 2% on Monday, extending losses for the fifth straight session. Zomato shares fell as much as 2.19% to a low of ₹272.15 apiece on the BSE. In the past five sessions, Zomato shares have plunged more than 8%.

Zomato shares hit a 52-week high of ₹298.20 apiece on September 24, and has been on a slide since then.

Online food delivery giant Zomato had announced that its co-founder and chief people officer (CPO) Akriti Chopra resigned to pursue other interests.

“We would like to inform that Ms. Akriti Chopra, CoFounder & Chief People Officer designated as Senior Management Personnel (“SMP”), has tendered her resignation w.e.f. September 27, 2024,” said Zomato in a stock exchange filing on September 27.

Chopra has been with the company for 13 years and has played a major role in setting up and scaling the food delivery giant's legal and finance teams with her previous role as the Chief Financial Officer (CFO) for the company.

Zomato Share Price

Zomato stock price has been on a steady uptrend and analysts believe this uptrend to continue. Zomato shares have gained over 9% in one month and more than 37% in three months. The stock price has given multibagger returns of over 122% year-to-date (YTD) and over 170% in one year.

“Zomato shares remain in overall uptrend and this upward momentum has not been distracted. As long as Zomato stock remains above the ₹255 - 258 levels, the uptrend would remain intact,” said Milan Vaishnav, founder of ChartWizard FZE and Gemstone Equity Research.

According to Vaishnav, the immediate upside target for Zomato shares is ₹290 - 295 levels, which may act as a resistance.

“We do not recommend entering fresh positions in Zomato shares until this high is broken. Existing investors should raise their stop loss to ₹255 level,” Vaishnav said. 

At 12:05 PM, Zomato shares were trading 1.60% lower at ₹273.80 apiece on the BSE with a market capitalisation of over ₹2.41 lakh crore. 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.