Ashneer Grover shares his views Zomato’s shares plunge to record low

The stock price of Zomato, the grocery delivery website operator, has fallen, dropping about 9% during the deal on Tuesday, hitting a new low of Rs 43.05. Shares fell more than 13% on Monday, clearing more than Rs 89,000 cr. According to billionaire Ashneer Grover, if Deepinder Goyal’s company merged with Swiggy instead of Blinkit, its share price could have been ten times higher than it is today. The 40-year-old shared his thoughts on Zomato’s stock price on Twitter on Tuesday.

Grover’s recent opinion is different from what he had to say about the May Zomato script. Ironically, BharatPe’s co-founder advised not to sell Zomato shares, even if they had declined for several months.

“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 tweeted.

“It’s all about perspective, If you were a Zomato employee and exercised your ESOP (employee stock ownership) at Rs 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 Rs 56 per share price, markets are giving everyone ESOPs.” He said.