SHARE PRICES OF food aggregator Zomato fell around 5% on Tuesday after global brokerage Jefferies downgraded the stock to 'hold', citing intensifying competition in the quick commerce space. The stock closed down 4.59% at ₹252.50 on the BSE. The brokerage also reduced its target price for Zomato by 18%, from ₹335 to ₹275.
Jefferies said 2025 is likely to be a year of consolidation for the company. It had given a 'buy' rating to the stock in November, citing optimism over the foodtech major's newly-launched District app.
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