Zomato share price hits 52-week high despite 'Boycott Zomato' trending on Twitter
Zomato's share price has risen 54% in the last two months, hitting a 52-week high of ₹77.40 despite a '#BoycottZomato' campaign on Twitter
PremiumZomato share price has been witnessing buying interest by stock market bulls after ushering into the new financial year 2023-24. Zomato shares bottomed out at around ₹50 apiece levels at the end of March 2023 or FY23, and since then it has remained in uptrend hitting 52-week high on a regular basis. After hitting 52 week high of ₹76.30 apiece on BSE on Thursday, Zomato share price today opened with upside gap and went on to hit intraday high of ₹77.35 within few minutes of stock market's opening bell today.
Interestingly, Zomato share price has been hitting 52-week high despite '#BoycottZomato' is trending on Twitter after its controversial ad campaign displayed on World Environment Day. Despite Zomato apologizing to the netizens for its unintentionally hurting sentiments, '#BoycottZomato' started was trending on twitter on Friday morning.
However, stock market investors remained least bothered by this '#BoycottZomato' trend on Twitter. When Indian stock market opened for trade this morning, huge buying interest was witnessed after few minutes of stock market's opening bell. After making intraday low of ₹75.85 on NSE, Zomato share price bounced back strongly and went on to hit intraday high of ₹77.40 apiece on NSE, which trend out to be new 52-week high of Zomato shares.
After ushering in new financial year, Zomato share price has risen from around ₹50 to ₹77 apiece levels, delivering to the tune of 54 per cent in this near two months time. However, Zomato shares had started signaling about the end of base building mode in January 2023 when it rebounded from ₹47 apiece levels and sustained above this fresh bottom made after bouncing back from tis 52-week lows of ₹40.60 apiece made in July 2022.
See what Twitterati says despite removal of Zomato Kachra ad:
Despite removal of the controversial ad campaign and apology issued by the food delivery company, netizens continued slam Zomato on Friday and soon '#Boycott Zomato' continued to trend on Twitter. Twitterati continued to slam Zomato for being casteist as the food aggregator depicted an actor, who played the Dalit character Kachra in the film "Lagaan" as items made of recycled waste.
Zomato's advertisement which has now been removed from YouTube and social media platforms had tried to draw a link between the character Kachra with 'kachra', the Hindi word for garbage.
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