Delhi, December 23, 2024 (Punjab Khabarnama Bureau): Zomato Ltd shares saw an unexpected drop after the food delivery giant got included in the Bombay Stock Exchange’s (BSE) Sensex index comprising of the top 30 stocks in the country.
At 9:45 am IST, Zomato shares dropped by 2.09% or by ₹5.90, trading at ₹275.95 on the BSE.
This comes after brokerages had expected the company to receive huge inflows worth $513 million or ₹4,362.35 crore because of the Sensex inclusion.
Zomato got included on the Sensex on Monday, December 23, 2024, replacing JSW Steel Ltd.
Brokerage firm Nuvama had expected JSW Steel to lose an estimated $252 million ( ₹2,142.91 crore) in market capitalisation as a result.
How did JSW Steel shares perform?
However, JSW Steel shares saw a 1.58% or ₹14.55 uptick at the same time, trading at ₹933 on the BSE.
Zomato’s inclusion comes at a time when the food delivery giant’s shares rallied nearly 43% over the last six months and about 126% over the last year.
Summary: Zomato shares witnessed an unexpected decline despite the company’s recent inclusion in the Sensex, puzzling investors and market analysts alike.